Vietnam, US enter second round of reciprocal trade negotiations

The Vietnamese Ministry of Industry and Trade has confirmed that formal negotiations on a bilateral reciprocal trade agreement between Vietnam and the United States commenced on Monday, marking the beginning of the second official negotiation round.

The Vietnamese negotiation delegation is led by Minister of Industry and Trade Nguyen Hong Dien, including representatives from the Ministry of Public Security, the Ministry of Foreign Affairs, the Ministry of Finance, the Ministry of Construction, the Ministry of Home Affairs, the Ministry of Agriculture and Environment, the Ministry of Science and Technology, the Ministry of Justice, and the State Bank of Vietnam.

On the opening day of the negotiations, both delegations engaged in discussions aimed at addressing key mutual concerns and advancing the overall framework of the agreement.

The two sides adopted a collaborative and candid approach, focusing on clarifying the wording of the agreement and sharing information on each country’s current policy landscape to create a solid foundation for further negotiation.

Vietnam and the United States made initial progress in negotiations on the reciprocal trade agreement against the backdrop of an impending U.S. tariff of 46 percent on imports from the Southeast Asian nation last week.

The talks took place on Jeju Island, South Korea, following the conclusion of the 31st APEC Ministers Responsible for Trade Meeting on Friday.

Minister Dien held direct discussions with U.S. Trade Representative Jamieson Greer.

This marked the first in-person ministerial meeting between the two countries on the proposed trade deal.

After the United States announced a delay in imposing the reciprocal tariffs until July and agreed to initiate the negotiations, Vietnam was listed as one of six countries among more than 100 economies prioritized by the U.S. for such negotiations, alongside the United Kingdom, India, South Korea, Japan, and Indonesia.

A Vietnamese technical-level delegation traveled to the U.S. in early May to work with relevant American agencies on the bilateral trade negotiations.

On Monday, Minister Dien also held talks with Westinghouse Electric Company, one of the global leaders in nuclear power technology.

During the meeting, Minister Dien announced that Vietnam intends to restart its nuclear power program as part of a strategy to ensure energy security amid rising electricity demand and the limitations of renewable energy stability.

He emphasized that Vietnam would pursue a cautious, modern, and realistic approach to nuclear power development.

Vietnam boasts several promising locations for nuclear power projects, facilitating its cooperation with international partners such as Westinghouse.

The minister also highlighted that energy cooperation could play a crucial role in balancing the trade relationship between Vietnam and the United States.

Margaret Cosentino, executive vice-president of Westinghouse, expressed strong support for Vietnam’s nuclear ambitions and underlined the importance of long-term energy cooperation.

Both sides agreed to move forward with information sharing and are working toward signing a memorandum of understanding between Westinghouse and Vietnam’s national energy group, Petrovietnam.

The partnership would focus on key areas including investment model development (PPP, BOT), technology transfer, and training programs to build a skilled technical workforce for the nuclear sector.