Vietnamese President To Lam has indicated that his country is "very close" to finalizing a trade agreement with the United States, following months of negotiations focused on narrowing the substantial trade imbalance between the two nations. Speaking on the sidelines of the United Nations General Assembly in New York on Monday, To stressed the importance of expediting talks toward "reciprocal, balanced and equitable tariffs."
Vietnam runs one of the largest bilateral trade surpluses with the US, a point Washington has used to apply pressure on Hanoi in its pursuit of a more balanced trade relationship. Key areas of negotiation include concerns over transshipment—the rerouting of Chinese goods through Vietnamese factories—and non-tariff barriers. The US has urged Vietnam to strengthen rules of origin, improve customs enforcement, and tighten controls on Chinese inputs to prevent the repackaging of Chinese products as Vietnamese-made exports.
President To acknowledged these concerns but maintained that Vietnam’s exports generally align with US demand without competing directly with American products. He emphasized that trade between the two countries must be genuine, with goods actually manufactured in Vietnam to meet international standards not only for the US market but also for other global markets where Vietnam participates.
Vietnam aims to increase imports of high-tech American products such as aircraft, nuclear energy technology, and infrastructure equipment for roads and railways to support its industrial growth. However, To noted that certain policy constraints on the US side remain, which pose challenges to expanding these imports.
The country currently faces three simultaneous investigations by the US under Section 301, related to allegations including the use of forced labor and violations concerning intellectual property rights. Vietnam has responded by enacting new laws banning goods produced with forced labor, tightening customs procedures, and launching crackdowns on piracy and intellectual property infringements. To expressed cautious optimism about the preliminary outcomes of these investigations, indicating Vietnam’s confidence it can avoid further tariffs.
Under To’s leadership, Vietnam has pursued a robust diplomatic agenda aimed at diversifying its trade and energy partnerships, underscoring its growing role as a middle power. This year, he has conducted official visits to countries including China, Russia, India, and France, and delivered a keynote speech at the Shangri-La Dialogue regional security forum.
Vietnam’s economic goals remain ambitious, targeting around 10% growth despite challenges such as inflation pressure linked to rising energy prices following the conflict in Iran. To highlighted ongoing institutional reforms and efforts to build a new growth model as key to achieving these targets.
Following his UN engagements, To plans to visit Canada for talks with Prime Minister Mark Carney amid strained trade relations between the two nations. His visit to the US also signals Vietnam’s effort to balance relations with major global players amid continued uncertainties in international trade ahead of a United States-China summit set to take place this week between President Donald Trump and President Xi Jinping. To did not confirm whether he will meet with Trump during this trip.