Vietnamese Prime Minister Pham Minh Chinh said on Wednesday that he expects a trade deal with the United States to be reached before a pause on 46% reciprocal tariffs on Vietnamese exports expires in early July.
Speaking at the “Is Asia’s Century at Risk?” panel during the World Economic Forum in Tianjin, China, Chinh noted that Vietnam’s government has been in frequent contact with the Trump administration regarding tariff negotiations.
“I hope that you will see the result come earlier than two weeks,” Chinh said. “Vietnam and the U.S. share a deep understanding on tariffs… I hope all the positive things will come for us.”
A major manufacturing hub in Southeast Asia, Vietnam has held multiple rounds of talks with Washington. The most recent round concluded last week. The country is seeking to avoid the reimposition of a 46% tariff rate, originally introduced due to Vietnam’s large trade surplus with the U.S.
Sources told Reuters that Washington has submitted a list of “tough” trade demands, including a push for Vietnam to limit the use of Chinese technology in devices assembled domestically and exported to the U.S.
Vietnam’s trade surplus with the United States rose to $12.2 billion in May, reflecting a 42% year-on-year increase and a 17% jump from April, according to government data. Exports to the U.S. hit a post-pandemic high of $13.8 billion, up 42% from a year earlier.
Under pressure from U.S. authorities, Hanoi has increased efforts to curb illegal trans-shipment, particularly of goods originating from China. The government has also expressed willingness to cut non-tariff barriers and boost imports of American goods, including aircraft, agricultural commodities, and energy. However, no formal purchase agreements have been signed yet.
