HANOI — Vietnam says negotiations on a trade agreement with the United States are nearing completion, but statements from American officials suggest that several key issues must still be addressed before a deal can be finalized.
Vietnamese Deputy Prime Minister Pham Gia Tuc said Wednesday that the two countries had almost finished negotiations. Speaking at a business forum in Hanoi, he confirmed that Vietnam had submitted the final text of the proposed agreement to Washington.
The agreement is particularly important to Vietnam, as the United States remains its largest export market. Vietnamese businesses have been seeking greater certainty over access to American consumers amid ongoing concerns about US trade policy and tariffs.
Negotiations have been underway for more than a year, during which Washington has examined Vietnam’s trade practices and its position in global supply chains.
American officials have repeatedly alleged that Vietnam serves as a transit route for Chinese goods entering the US market, potentially enabling products to circumvent tariffs imposed on China. Vietnam has also come under scrutiny over alleged forced labor practices and intellectual property violations.
Following the US Supreme Court’s decision to strike down the Trump administration’s global tariffs in February, the administration initiated three investigations into Vietnam’s trade practices. One of those investigations has already led to tariffs of 12.5% on Vietnamese goods.
Tuc urged an objective evaluation of the investigations, saying Vietnam expected the United States to maintain favorable conditions for its products to enter the American market in a stable and sustainable manner.
US officials, however, have been more reserved in their assessment of the negotiations’ progress.
US Assistant Secretary of Commerce David Fogel highlighted Vietnam’s trade surplus with the United States, which has surpassed $163 billion. He described the imbalance as the largest US trade surplus with any trading partner in the opposite direction, emphasizing the scale of the disparity between the two economies.
Fogel also encouraged Vietnam to increase its investment in the United States. He suggested that improved access to technology exports could be possible if Vietnam strengthened its regulatory environment.
US Ambassador Jennifer Wicks raised additional concerns, saying Vietnam needed to improve its data protection laws and introduce transparent energy pricing to attract investment.
These remarks indicate that the proposed agreement extends beyond tariff arrangements. Regulatory standards, market access and the rules governing trade and investment are also central to the discussions.
For Vietnam, an agreement could offer export-oriented businesses greater protection against uncertainty. Manufacturers serving the US market rely on predictable trade rules when deciding where to produce goods, how to structure supply chains and whether to increase production capacity.
The outcome also matters to companies that incorporate Vietnam into wider Asian manufacturing networks.
Nevertheless, Vietnam’s substantial trade surplus remains a significant obstacle. Washington has been urging its trading partners to address economic imbalances and demonstrate that bilateral commercial relationships offer opportunities for both sides.
The two governments have expressed differing assessments of how close they are to reaching an agreement. Vietnam’s announcement suggests confidence that negotiations are almost finished, while comments from US officials indicate that important policy concerns remain unresolved.
Hopes for a possible conclusion are tied to the upcoming G20 summit in Florida, where Vietnamese leader To Lam has been invited to participate.
Whether the agreement can be completed within that timeframe remains unclear.
A finalized deal could provide businesses involved in US-Vietnam trade with greater certainty. It would also help establish how the two countries intend to address disputes involving tariffs, investment and the movement of goods through international supply chains.
For now, Vietnam’s submission of the final text marks progress in the negotiations. However, the remaining discussions will determine whether the two governments can reach terms that accommodate their respective economic and regulatory priorities.
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