Vietnam eyes tariff deal soon, as U.S. seeks to cut huge trade deficit

Vietnam is working to sign a trade agreement with the United States soon, Deputy Prime Minister Bui Thanh Son said on Wednesday, as a new round of negotiations gets underway in Washington.

In October, the two countries agreed to finalise a trade deal within weeks that would maintain U.S. tariffs of 20% on its imports of Vietnamese goods, but exempt some unspecified products from the new duty imposed by U.S. President Donald Trump in August.

Son urged U.S. businesses at a conference in Hanoi to help in bilateral negotiations so that the two parties could "soon sign a fair and balanced trade agreement." 

For the first 10 months of the year, Vietnam has recorded a $111 billion trade surplus with the U.S. - pointing to another potential annual record, according to Vietnamese data.

A Vietnamese delegation led by Trade Minister Nguyen Hong Dien is in Washington this week for a new round of talks with U.S. officials to work on finalising the trade agreement, the Vietnamese trade ministry said on its web portal.

Vietnamese negotiators are keen to mark the signing of a trade deal with a meeting between Trump and Vietnam's top leader To Lam, multiple officials have said.

Son urged U.S. businesses at Wednesday's conference to support Vietnam's efforts to set up the high-level meeting. Past attempts have not been successful, according to multiple officials.

He also called on U.S. businesses to encourage Washington to recognise Vietnam as a market economy and lift its restrictions on the export of high-tech products, such as advanced semiconductors. 

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