[Text by Guancha Observer Network, Shao Yun]

According to Vietnam's Ministry of Industry and Trade on the 17th, after the closing of the 31st APEC Trade Ministers' Meeting on the 16th, Vietnamese Minister of Industry and Trade Nguyen Hong Thang held the first offline ministerial consultation on the "reciprocal trade agreement" with U.S. Trade Representative Greer in Jeju, South Korea.

This is the first face-to-face meeting between the two countries' negotiators since Vietnam and the United States launched trade negotiations on April 23. According to the statement released by the Vietnamese side, this negotiation was carried out "in a sincere, constructive, open, and flexible spirit", demonstrating the two countries' commitment to developing a "stable and mutually beneficial economic and investment relationship".

The statement noted that Greer "expressed affirmation and appreciation for Vietnam's goodwill and initiative in actively preparing for the bilateral negotiation", basically agreeing with Vietnam's current stance and proposals. The statement wrote: "The United States hopes that through joint efforts, technical-level negotiations in the coming days can achieve positive results."

On May 15, in Jeju, South Korea, Vietnam and the United States held the first offline ministerial consultation on the "reciprocal trade agreement". Vietnam Ministry of Industry and Trade

Previously, U.S. President Trump announced in early April the imposition of so-called "reciprocal tariffs" on numerous trading partners, with Vietnam facing a rate as high as 46%. Reuters pointed out that although this tariff has been temporarily postponed until early July, once implemented, it will have a significant impact on Vietnam's export-dependent economy.

According to data released earlier this year by Vietnam's General Statistics Office, in 2024, Vietnam's total goods import and export amounted to $786.29 billion, including $405.53 billion in exports, equivalent to 85% of the country's GDP last year. The United States is Vietnam's second-largest trading partner and largest export market. Data shows that last year, Vietnam's goods exports to the U.S. reached $119.6 billion, accounting for nearly 30% of Vietnam's total annual exports.

A New York Times article on May 4 reported that even with the 90-day deferral period for "reciprocal tariffs," Vietnamese workers are still living in confusion and fear. Several senior executives at Vietnamese factories stated that factory profit margins are thin, averaging only 5%. Currently, some factories are increasing production to complete shipments before the deferral period ends. However, some American customers have already canceled orders or delayed new ones, and some factories have started layoffs or frozen hiring.

In response to concerns about its own economy, Vietnam has shown active engagement in dealing with the current round of trade war initiated by the U.S. Before Trump officially announced the tariff policy, Vietnam had signed a "Starlink" trial contract with Musk, a Trump ally and SpaceX CEO. In March, Vietnam unilaterally reduced tariffs on American automobiles, energy, agricultural products, and more.

When Deputy Prime Minister and Finance Minister Vu Duc Tho visited the U.S. to host an economic cooperation meeting, enterprises from both countries also signed contracts worth approximately $90.3 billion covering energy, minerals, biofuels, and more. Additionally, according to a May 16 report by Vietnam's Youth Newspaper, the Vietnamese government has approved a plan by Trump Group and its partners to invest $1.5 billion in Vietnam to build an integrated real estate project including golf courses, resorts, hotels, and more.

On April 9, Deputy Prime Minister Vu Duc Tho went to the U.S. to meet with Greer, and the two countries agreed to negotiate a "reciprocal trade agreement." This made Vietnam one of the first countries selected by the U.S. for tariff negotiations. On April 12, Vietnamese Prime Minister Pham Minh Chinh signed a decision to establish a U.S.-Vietnam trade negotiation delegation led by Nguyen Hong Thang. On the evening of April 23, Nguyen Hong Thang and Greer discussed the official launch of bilateral economic and trade negotiations over the phone.

On May 7, the Ministry of Industry and Trade convened a working meeting with major groups, corporations, and key enterprises in Vietnam to assess these enterprises' future import needs for high-tech and high-value-added goods from the U.S., urging them to sign more purchase contracts before June to achieve "trade balance" between the two countries. On the 8th, the ministry also summoned enterprises with large export volumes to the U.S., instructing them to file complaints with U.S. officials regarding "unreasonable" tariffs and mobilize American citizens and political figures to support the normal flow of Vietnamese goods into the U.S.

This article is an exclusive piece by the Guancha Observer Network and cannot be reprinted without permission.

Original source: https://www.toutiao.com/article/7505671994491372082/

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