The new tariff was detailed in an Executive Order signed by President Donald J. Trump on August 1 (Viet Nam time), which adjusts rates for 69 countries and territories listed in Annex I.

Both countries are due to continue discussions to finalise a reciprocal trade agreement grounded in the principles of openness, constructiveness, equality, respect for independence, self-reliance, and political systems, mutual benefit, and consideration of each other's development levels, the ministry said.

They are to bolster stable, mutually beneficial economic, trade, and investment relations consistent with the US-Viet Nam Comprehensive Strategic Partnership, it noted.

The MoIT said since late April, Viet Nam and the US have held many rounds of reciprocal trade negotiations at both technical and ministerial levels. The Vietnamese delegation was led by Minister of Industry and Trade Nguyen Hong Dien, comprising representatives from the MoIT and the ministries of Foreign Affairs, Public Security, Finance, Justice, Agriculture and Environment, Science and Technology, Home Affairs, Construction, and Health, the State Bank of Viet Nam, and the Vietnamese Embassy in the US.

Face-to-face and virtual talks were also held with Minister Dien and US Trade Representative Jamieson Greer, and Secretary of Commerce Howard Lutnick.

Both sides have seen progress in discussing tariffs, rules of origin, customs procedures, agriculture, non-tariff measures, digital trade, services and investment, intellectual property, sustainable development, supply chains, and broader commercial ties.

According to the US Customs data, two-way trade hit 149.7 billion USD in 2024, with Viet Nam earning 136.6 billion USD from exports and spending 13.1 billion USD on imports. Viet Nam's trade surplus stood at 123.5 billion USD, ranking third among countries with the largest trade surplus with the US, after China and Mexico.

In the first five months of 2025, two-way trade grew 36.5% year-on-year to 77.4 billion USD, with Viet Nam’s exports climbing 37.3% to 71.7 billion USD and imports rising 30.7% to 5.7 billion USD. The trade surplus expanded 29% to 64.8 billion USD, ranking Viet Nam fourth globally, after China, Mexico, and Iceland.