Overview
- Both governments unveiled a joint framework that sets a reciprocal 20% tariff on most Vietnamese-origin goods while identifying specific products for a zero tariff under the U.S. process in Executive Order 14346.
- Vietnam committed to provide preferential market access for substantially all U.S. industrial and agricultural exports.
- Hanoi agreed to ease non-tariff barriers by accepting U.S. auto safety and emissions standards, addressing import licenses for U.S. medical devices, streamlining pharmaceutical approvals, and implementing international intellectual property obligations.
- The countries will cooperate to bolster supply-chain resilience, including efforts to curb duty evasion and to coordinate on export controls.
- Commercial announcements accompanied the framework, including Vietnam Airlines' plan to buy 50 Boeing aircraft valued at over $8 billion and Vietnamese firms signing 20 MOUs for more than $2.9 billion in U.S. agricultural purchases, as negotiators prepare the agreement for signature and domestic approval.