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(Bloomberg) — Vietnam says it’s made positive progress in the second round of trade talks with the US, as it seeks to secure a deal to avert a cripplingly high US tariff.
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After three days of trade deal negotiations the two sides identified “groups of issues on which consensus or views were close, and groups of issues that needed further discussion,” according to a statement on the trade ministry’s website.
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Talks will continue in June, while technical teams will be assigned to “continue to strengthen exchanges to soon reach an agreement in accordance with the expectations and conditions of each side,” the statement said.
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While in the US, Trade Minister Nguyen Hong Dien met with US firms, including Excelerate Energy, Lockheed Martin, SpaceX and Google to call for boosting investment and business in Vietnam.
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That message was echoed by Prime Minister Pham Minh Chinh, speaking at a groundbreaking event for the Trump Organization’s new $1.5 billion luxury golf resort in Hung Yen province on Wednesday, alongside the son of the US president, Eric Trump. Chinh said he looks forward to welcoming Donald Trump to visit the nation, and that the project will reaffirm the trust of foreign investors in Vietnam.
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Vietnam has engaged in weeks of intense diplomacy with the US, seeking to avert a threatened 46% tariff, which was later wound back to 10% for 90 days to allow time for talks.
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The punitively high levy reflects US displeasure with Vietnam’s trade surplus, the third-largest globally behind China and Mexico. Vietnam has repeatedly vowed to purchase more American goods, while offering to remove all tariffs on US imports. It’s also stepped up its fight against trade fraud, seeking to address US concerns about Chinese goods being shipped via Vietnam to sidestep tariffs.
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—With assistance from Linh Vu Nguyen.
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English (US)