Vietnam Submits Trade Documents to US, Aims to Avoid 46% Tariffs

Vietnam has submitted its trade documents to the United States ahead of the deadline, demonstrating its commitment and sincerity in trade negotiations. This move is crucial as it determines whether Vietnam can avoid potential U.S. tariffs of up to 46%. The submission of these documents signifies Vietnam's proactive approach in addressing trade concerns and its willingness to engage in constructive dialogue with the U.S. This development underscores the importance of bilateral trade relations between the two countries and highlights Vietnam's efforts to maintain a stable and mutually beneficial trade environment. The submission of the trade documents is a significant step in the ongoing trade discussions, reflecting Vietnam's determination to resolve any outstanding issues and foster stronger economic ties with the United States.

Vietnam's Ministry of Industry and Trade confirmed on Thursday that it had submitted the documents to Washington before the deadline set by the U.S. This action is seen as a display of Vietnam's resolve and sincerity in trade negotiations. The documents were submitted in response to the U.S. government's request for trade negotiation proposals, which was sent out in an urgent letter. The U.S. government is pressuring its trade partners to provide the best possible solutions in key areas, including tariffs and quotas for purchasing U.S. agricultural and industrial products. The U.S. had previously suspended retaliatory tariffs against most of its trade partners for a period of 90 days, pushing back the effective date of high tariffs to July 9.

Following the submission, Vietnam's Ministry of Industry and Trade stated that the minister, Nguyen Hong Dien, and the U.S. Trade Representative, Jamieson Greer, met in Paris. This meeting was held to prepare for the third round of trade agreement negotiations between the two countries, which is scheduled to conclude by the end of next week. Both ministers agreed to accelerate the negotiation process and strive for the best possible outcomes in the third round of talks. This meeting comes at a critical time as Vietnam faces the threat of 46% retaliatory tariffs from the U.S., which could severely impact its export-driven growth model. The U.S. is Vietnam's largest export market, making this issue particularly pressing for the country.

Vietnam's proactive approach in submitting the trade documents and engaging in negotiations with the U.S. reflects its commitment to maintaining strong trade relations. The country has previously made commitments to the U.S., including a promise to implement zero tariffs on U.S. goods. This latest development is a continuation of Vietnam's efforts to address trade concerns and foster a stable and mutually beneficial trade environment with the United States. The ongoing negotiations and the submission of the trade documents are significant steps in strengthening the economic ties between the two countries and resolving any outstanding trade issues.