US President Donald Trump announced on Wednesday that he signed a trade agreement with Vietnam. “It will be a wonderful cooperation agreement between our two countries. The conditions are Vietnam to pay the United States a 20% amount of all products that will be sent to our territory, and 40% customs for any transfer through a third state, “Trump wrote in a post on the TRuth Social network.
“In return, Vietnam will do something that has never done before, will give the United States an absolute access to its markets. In other words, they will ‘open their own to the United States’, which means that we can sell our products to Vietnam by 0% of the money,” Trump added.
Trump says he came to an agreement after a conversation with Tu Lam, Vietnam’s Communist Party’s secretary general.
“I understand, the SUV vehicle, or as it is sometimes called, a large engine, very successful in the US, and it will be a great addition to the various product lines in Vietnam. The conduct with the secretary general to the mother, who I personally met, was an absolute pleasure, “Trump added.
Vietnam has previously grabbed 46% as part of Trump’s “Release Day” posters on mutual tariffs.
This customs have been suspended for 90 days, with the suspension expected to be completed next week.
Vietnamese Prime Minister Pam Minh Chin said at the end of June that he was looking forward to reaching a trade agreement with the US before the finish date.
Fear of China
According to the US trade representative, “the volume of trade in the US and Vietnam was $ 149.6 billion in 2024. American exports to Vietnam was $ 13.1 billion – an increase of 32.9% ($ 3.2 billion) compared to 2023.”
“American imports from Vietnam amounted to $ 136.6 billion at 2024 – an increase of 19.3% ($ 22.1 billion) compared to the previous year.
Vietnam finds herself in a delicate balance: On the one hand, she aims to preserve trade relationships with the US, her largest export market and a security partner; on the other hand, she does not want to inspire China’s misery, which is a major source of investment and geographical neighbor.
Many of the products that come from Vietnam to the West include components manufactured in China, and Chinese companies have even established Vietnam factories to serve American customers. In many cases, Vietnamese workers are only easy processing, and the product has been sent to the US under the “Vietnam Made” label.
US officials have previously argued that China uses Vietnam as a tube for indirect lids – while Vietnam is not a major production factor in the product itself. The current agreement will try to address this matter for this matter as well.
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