In a recent announcement from the Vietnamese government, it was stated that the United States and Vietnam have agreed to initiate discussions for a trade agreement. This development came shortly after the U.S. decision to halt the enforcement of a 46% tariff rate on Vietnamese exports for a period of 90 days.

Following a meeting between Vietnam's Deputy Prime Minister Ho Duc Phoc and U.S. Trade Representative Jamieson Greer in Washington, both countries will explore the possibility of eliminating various non-tariff barriers. Vietnam, a significant manufacturing hub for many Western firms in the region, recorded a trade surplus exceeding $123 billion with the U.S. in the previous year, underscoring it as a crucial export market.

The Vietnamese government promises to support U.S. investors looking to invest in the country and pledges to intensify efforts to combat trade fraud.