Negotiators still working with US on trade deal : Vietnam

Business Desk :

Vietnam’s negotiators are still working on the terms of the tariff deal with their US counterparts, more than two weeks after it was first announced by US President Donald Trump.

The two sides are “continuing discussions to clarify and concretize related contents” following the call between Party chief To Lam and US President Donald Trump, Ministry of Foreign Affairs spokesperson Pham Thu Hang said at a briefing in Hanoi Thursday reports Bloomberg.

Hang refused to be drawn when asked whether Vietnam has accepted the tariff agreement that Trump declared was a done deal on July 2. Since then, neither side has published any kind of detailed outline, providing little clarity on how the 20per cent rate or the 40per cent levy on goods deemed to be transshipped through the country will be enacted or enforced.

Vietnam’s leaders were caught off guard by Trump’s declaration that they had agreed to a 20per cent tariff, Bloomberg News reported. Vietnam still seeks to lower the rate, people familiar with the matter said.

The Southeast Asian nation is trying to navigate Washington’s demands while keeping good relations with China, its biggest trading partner.

Throughout the negotiations, the US demanded more action from Hanoi to prevent Chinese goods being rerouted and repackaged through Vietnam to avoid higher tariffs.

Prime Minister Pham Minh Chinh encouraged US businesses to continue supporting his country’s attempt to secure a final tariff agreement with the Trump administration during a meeting with the US-Asean Business Council last week.