Vietnam's trade ministry: Third round of trade talks with the U.S. to be held in early June.

Vietnam's trade ministry: Third round of trade talks with the U.S. to be held in early June.

Vietnam's trade ministry has announced that the third round of trade talks with the United States will take place in early June. This comes amidst ongoing negotiations aimed at avoiding 46% reciprocal tariffs on Vietnamese imports [1].

The U.S. has presented Vietnam with a set of demands during these talks. The U.S. wants Vietnam to decrease its reliance on Chinese industrial imports and to implement tighter control over production and supply chains. These requests are part of an annex to a framework text [1].

The U.S. has described its requests as "tough" and "difficult," and it is unclear how Hanoi will respond. The U.S. Trade Representative has not responded to requests for comment, and Vietnam's trade ministry has not provided a response either [1].

Vietnam's manufacturing industry, which produces consumer goods including Apple devices and Nike shoes, is closely integrated into China's supply chains. Any significant reduction in reliance on Chinese imports could pose a challenge to the Vietnamese economy [1].

Vietnam has been expanding its exports to the U.S. since the start of the U.S.-China trade war in 2018, nearly tripling its exports to the U.S. during this period. However, Vietnam has also vastly expanded its imports from China, with their inflow almost exactly matching the value and swings of exports to the U.S. over the years [1].

The trade talks come as Vietnam is also exploring new opportunities in the mining sector. Firetail Resources, an Australian mining company, has signed an option to acquire two high-grade gold projects in the U.S. These projects, Excelsior Springs in Nevada and Bella in South Dakota, could complement Firetail's existing portfolio [2].

The third round of trade talks between Vietnam and the U.S. is set to take place in early June. The outcome of these negotiations could have significant implications for both countries' economies and trade relations.

References:
[1] https://m.economictimes.com/news/international/global-trends/us-made-tough-requests-to-vietnam-in-trade-talks-sources-say/articleshow/121594617.cms
[2] https://stockhead.com.au/resources/resources-top-5-firetail-heats-up-lifting-its-gold-exposure-with-us-tier-1-acquisitions/