The US has decided to reduce the countervailing duty on Vietnam from 46% to 20%, in accordance with an executive order issued by President Donald Trump, announced the Ministry of Industry and Trade (MoIT) today [August 1].

The MoIT stated that since late April 2025, Vietnam and the US have held a series of reciprocal trade negotiations at both technical and ministerial levels. The Vietnamese delegation was led by Minister of Industry and Trade Nguyen Hong Dien and included representatives from relevant ministries and agencies.

During this period, Minister Dien held several direct and virtual meetings with US Trade Representative (USTR) Jamieson Greer and US Secretary of Commerce Howard Lutnick. The two sides made notable progress in areas such as tariffs, rules of origin, customs procedures, agriculture, non-tariff measures, digital trade, services and investment, intellectual property, sustainable development, supply chains, and commercial cooperation.

In the early hours of August 1 (Vietnam time), the White House published an executive order by President Donald Trump outlining adjustments to countervailing duties. The order applies to 69 countries and territories listed in Appendix I. According to the appendix, the duty applied to Vietnam will be reduced from 46% to 20%.

The MoIT affirmed that both countries will continue to engage in further discussions and actions to finalize a reciprocal trade agreement.

“Talks will be guided by principles of openness, mutual respect, equality, sovereignty, institutional differences, and shared development goals,” stated the ministry.

Both sides are also committed to fostering stable economic, trade, and investment ties that reflect the scale and potential of the Comprehensive Strategic Partnership between Vietnam and the US, it added.

According to US Customs data, bilateral trade between Vietnam and the US reached US$149.7 billion in 2024. Of this, Vietnam exported $136.6 billion and imported $13.1 billion, resulting in a trade surplus of $123.5 billion, the third largest after China and Mexico.

In the first five months of 2025, bilateral trade totaled $77.4 billion, up 36.5% year-on-year. Vietnam’s exports reached $71.7 billion, an increase of 37.3%, while imports rose 30.7% to $5.7 billion. Vietnam’s trade surplus with the US stood at $64.8 billion, up 29%, ranking fourth after China, Mexico, and Iceland.