U.S., Vietnam Seal Major Trade Agreement Framework
(MENAFN) Vietnam and the United States reached consensus Sunday on a trade agreement framework, according to a Vietnamese news agency.
The accord requires Vietnam to grant preferential market entry for nearly all American industrial and agricultural exports entering Vietnamese territory.
As reciprocation, Washington will lock in mutual tariffs at 20 percent for Vietnamese merchandise while maintaining zero-tariff status on specific product categories outlined in US executive orders.
Both nations committed to eliminating non-tariff obstacles and regulatory barriers impacting commerce in key industries including automobiles, medical devices, pharmaceuticals, and intellectual property.
Hanoi further consented to adopt US vehicle safety and emissions regulations, streamline import licensing protocols, and strengthen intellectual property protections.
Since August 1, Washington has reduced duties on Vietnamese imports from 46 percent to 20 percent through an executive order issued by US President Donald Trump.
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