Prime Minister Phạm Minh Chính chairs the discussions on preparations for the upcoming trade talks with the United States in Hà Nội on May 6. — VNA/VNS Photo

HÀ NỘI — Prime Minister Phạm Minh Chính on Tuesday chaired a cabinet meeting to discuss preparations for upcoming trade negotiations with the United States.

Also in attendance at the meeting were Permanent Deputy Prime Minister Nguyễn Hòa Bình; Deputy Prime Ministers Trần Hồng Hà, Lê Thành Long, Hồ Đức Phớc, and Nguyễn Chí Dũng; Minister of Industry and Trade Nguyễn Hồng Diên; and senior officials from various ministries and government bodies.

PM Chính said the US side has officially proposed a negotiation timeline, signalling goodwill in line with previous high-level engagements between the two countries. The first round is set to start on May 7, while the second round is expected to be held on May 15-16 in South Korea, on the sidelines of the APEC Ministers Responsible for Trade Meeting.

He stressed that: “First, be patient and manage expectations. Second, respond promptly, proactively and in a timely manner to the requests of our counterparts. Third, in preparing for negotiations, always maintain a proactive stance—our proposals should not only address their concerns but also reflect our own interests. In any negotiation, both sides must make concessions, there are issues we must fight for, some we may need to compromise on, and others we must resolutely defend.”

Given the limited timeframe, the complexity of the issues, and their sensitivity, PM Chính underscored the importance of maintaining a composed, clear-headed, proactive and constructive stance. He urged participants to closely monitor developments, adhere to the strategic guidance of the Politburo and General Secretary Tô Lâm, and study both the US’s negotiation practices with other partners and prior agreements.

Efforts, he said, must be coordinated, comprehensive and effective, with a dual focus on safeguarding Việt Nam’s legitimate interests—especially core national interests—and meeting appropriate requests from the US side. This would help reinforce trust among businesses, investors and the general public.

Ministries and agencies were told to handle US concerns promptly, enhance trade dialogue, and increase imports of US goods – particularly in sectors where the US has strengths and Việt Nam has demands – to gradually achieve a sustainable trade balance.

Local authorities were asked to quickly address administrative procedures related to American investment projects in the two provinces, Bà Rịa-Vũng Tàu (Hồ Tràm resort complex, along with the expressway linking the future Long Thành International Airport with this project) and Hưng Yên (Trump Organization's golf course), ensuring harmonised benefits and compliance with Vietnamese law.

The Ministry of Industry and Trade has submitted a draft decree on strategic trade management, which is currently under review. PM Chính directed relevant bodies to swiftly gather Government feedback so that the decree—intended to facilitate imports of high-tech US goods and demonstrate Việt Nam’s goodwill—can be issued soon.

He also urged the Ministry of Finance to accelerate VAT refunds for businesses, including American firms, and address taxation concerns raised by companies and citizens. The ministry was asked to study and consult on tariff-related agreements to ensure consumer interests and support long-term, balanced trade between the two countries. This includes enabling access for US high-tech products in Việt Nam and supporting the export of labour-intensive Vietnamese goods to the US market—thereby safeguarding jobs, income, and industrial growth.

All tasks must be carried out in line with the functions, responsibilities and authority of each body. Matters beyond their mandate should be submitted to the Government Standing Committee and the Prime Minister for guidance.

The US in early April announced a 46 per cent reciprocal tariff on imports from Việt Nam, citing the significant trade imbalance between the two countries. This move is part of a broader tariff strategy introduced by President Donald Trump targeting numerous trading partners with elevated duties.

In 2024, the US trade deficit with Việt Nam reached a record $123.5 billion, marking an 18.1 per cent increase from the previous year. US imports from Vietnam totaled $136.6 billion, while exports to Việt Nam were $13.1 billion.

As the first leader to have called US President Donald Trump right after the reciprocal tariffs were announced, General Secretary Tô Lâm has said Việt Nam is ready to cut all tariffs against US imports into Việt Nam to zero, while urging the US side to do the same for Vietnamese goods into the US. — VNS