Vietnamese President To Lam stated that his nation is "very close" to a trade deal with the United States. Speaking on the sidelines of the UN General Assembly, Lam indicated that Vietnam intends to purchase more high-tech goods, such as aircraft, from the US to help narrow the trade gap between the two countries. He emphasized that Vietnam's exports complement US demand without directly competing with American products.
Lam met with US Trade Representative Ambassador Jamieson Greer in New York, where economic, trade, and investment cooperation was highlighted as a crucial pillar of bilateral relations. Vietnam has been actively working to promote cooperation and increase imports from the US to foster more balanced trade. Greer acknowledged Vietnam's efforts and the significant progress made by negotiating teams, indicating that a final outcome is very near.
The potential agreement, described as reciprocal, fair, and balanced, is expected to unlock new opportunities for collaboration. Vietnam is particularly interested in increasing imports of US aircraft, nuclear power technology, and road and railway infrastructure. Lam also addressed US concerns regarding transshipment, asserting that Vietnam does not accept the rerouting of goods and that all trade must involve products genuinely manufactured in Vietnam and meeting international standards. He expressed confidence that Vietnam can avoid higher tariffs, citing the country's efforts to strengthen customs procedures, enforce rules against forced labor, and combat intellectual property violations.
This development is anticipated to positively impact investor sentiment towards Vietnamese assets, especially in sectors that would benefit from increased US imports. Market participants are advised to monitor sectors such as agriculture, manufacturing, and technology for potential gains. The deal is also seen as a strategic move by the US to strengthen economic partnerships in Southeast Asia amid geopolitical tensions, potentially enhancing its standing and fostering deeper collaboration on various fronts.
