Joint Statement on United States-Vietnam Framework for an Agreement on Reciprocal, Fair, and Balanced Trade

Key Points

• The framework opens Vietnam’s market to most United States industrial and farm goods, which could boost sales for farmers and factories once it is finalized.
• The United States keeps a 20 percent import tax on Vietnamese goods but would drop some items to zero, which could lower prices for shoppers on those products.
• Vietnam agrees to accept cars built to United States safety and emissions standards and to speed approvals for United States medical devices and medicines.
• Both countries pledge to protect inventions and creative work, improve customs and rules, and work together on supply chains and export limits on sensitive items.
• Recent deals include a plan for Vietnam Airlines to buy 50 Boeing planes worth over $8 billion and $2.9 billion in United States farm sales, supporting jobs.