On October 26 in Malaysia, as part of the 13th ASEAN-US Summit, Prime Minister of Vietnam Pham Minh Chinh and US President Donald Trump announced the signing of a Joint Statement on Reciprocal, Fair, and Balanced Trade. The document marks a new stage in the development of the economic partnership between the two countries and creates a foundation for forming a long-term trade agreement.
Key Provisions of the Agreement
- gradual reduction of tariffs on specific product categories;
- phased opening of service and investment markets;
- development of digital trade and cooperation in supply chain sectors, including electronics, IT, and 'green' technologies.
Economic Context
According to Bloomberg, in the first nine months of 2025, trade turnover between the US and Vietnam grew by almost 27%, exceeding $126 billion. Meanwhile, Vietnam's trade surplus reached a record $99 billion, reflecting the strengthening of its position as one of the largest exporters to the US economy.
Vietnam is already a key link in global supply chains, especially in the electronics, semiconductor, and textile segments. The new agreement could significantly accelerate investment cooperation and elevate the country to the category of strategic trade partners of the US in Asia, alongside Japan and South Korea.
Significance for the Region
Against the backdrop of ongoing competition between the US and China, Vietnam is becoming the main beneficiary of changes in global logistics. Manufacturing companies are relocating facilities to Vietnam, which has already established a skilled workforce base and favorable conditions for investment. The signing of the joint statement confirms that the country is consolidating its status as one of the key centers of economic growth and industrial cooperation in Southeast Asia.