The joint statement was issued on the occasion of President Donald Trump and Prime Minister Pham Minh Chinh attending the ASEAN Summit held from October 26-28 in Kuala Lumpur, Malaysia, Vietnam's Ministry of Industry and Trade stated in a release on Sunday.

It shows the results of bilateral reciprocal trade negotiations so far in an effort to build economic and trade relations on a balanced, stable and sustainable basis, in line with the Vietnam-US Comprehensive Strategic Partnership signed in September 2023, according to the release.

The statement covers key elements of a forthcoming balanced and fair reciprocal trade agreement, under which both sides agreed to work constructively to address mutual concerns over non-tariff barriers, align commitments on digital trade, services, and investment, and discuss issues related to intellectual property, sustainable development, and cooperation to strengthen supply chain resilience.

Specifically, Vietnam will expand market preferences for most U.S. industrial and agricultural goods. Meanwhile, the U.S. will maintain a 20% reciprocal tax rate for goods originating from Vietnam and consider applying a 0% tax rate to some products.

The United States will identify products in the list set out in Annex III of Executive Order No. 14356 dated September 5, 2025 – “Potential Tariff Adjustments for Likely-Oriented Partners” – to enjoy a 0% reciprocal tariff rate.

The two sides committed to coordinate in handling non-tariff barriers affecting bilateral trade in related areas. For example, Vietnam will handle a number of barriers such as accepting vehicles manufactured according to US emission standards, medical equipment, simplifying procedures for approving pharmaceuticals and agricultural products; and fully implementing international obligations on intellectual property.

The two countries also committed to handling and preventing barriers to U.S. agricultural products in the Vietnamese market. This includes a mechanism to monitor and accept certificates agreed upon by both sides and issued by U.S. regulatory agencies.

The two sides recorded many important trade agreements such as Vietnam Airlines ordering 50 Boeing aircraft worth more than $8 billion, and businesses from both countries signing 20 memorandums of understanding on the purchase and sale of U.S. agricultural products with a total value of about $2.9 billion.

In the coming months, the two countries will continue discussions toward completing the agreement, based on the principles of openness, equality, mutual respect for independence and political systems, mutual benefit, and consideration of each other’s development levels.

Since late April 2025, Vietnam and the U.S. have held multiple rounds of reciprocal trade negotiations at both the technical and ministerial levels.

Several in-person and virtual sessions have been held between Minister Nguyen Hong Dien, U.S. Trade Representative Jamieson Greer, and Commerce Secretary Howard Lutnick.

In the early hours of August 1, 2025 (Vietnam time), the White House announced a Presidential Executive Order signed by Donald Trump, adjusting reciprocal tariff rates for 69 countries and territories listed in Annex I. Under the revision, the U.S. reduced the reciprocal tariff rate on Vietnam from 46% to 20%.

At a press meeting on October 8, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said the tariff negotiations between Vietnam and the U.S. were “progressing quite positively,” with both sides making efforts to conclude the talks soon.

He added that the two sides expect to wrap up negotiations before November.

According to Vietnam Customs, total bilateral trade reached approximately $126.4 billion as of end-September 2025.