As Việt Nam navigates looming tariffs and a massive trade surplus, the nation’s top leader is walking a delicate tightrope to secure a definitive trade agreement with Washington.
The Latest: Communist Party General Secretary and President Tô Lâm announced that Việt Nam and the U.S. are “very close” to a “reciprocal, balanced, and fair” tariff agreement.
- He made the remarks during an interview with Bloomberg TV on Sept. 21 in New York, on the sidelines of the high-level debate at the 81st session of the United Nations General Assembly.
- That afternoon, Tô Lâm met with U.S. Trade Representative Jamieson Greer, who echoed the sentiment, stating that negotiations were very close to a final outcome.
The Details: During the interview, Tô Lâm denied allegations that Việt Nam serves as a transshipment hub for Chinese goods.
- “We do not accept transshipment of goods,” he said.
- He emphasized that trade must involve products genuinely manufactured in Việt Nam that meet international standards, noting that these standards apply beyond the U.S. market.
- He also argued that Vietnamese exports meet U.S. demand without directly competing with American products.
To help narrow the trade imbalance, Tô Lâm proposed purchasing more American high-tech products, specifically mentioning aircraft, nuclear power technology, and road and rail infrastructure.
- However, he noted that U.S. policy restrictions remained on some goods that Việt Nam wanted to purchase.
State Media Censorship: Notably, state media outlets and the government’s online newspaper covering the interview censored portions of his statements.
- They omitted Tô Lâm’s denial regarding the transshipment of Chinese goods, as well as his stated interest in purchasing American aircraft, nuclear power technology, and infrastructure.
- Additionally, his exact Vietnamese phrasing regarding these topics cannot be confirmed, as the English voice-over on the interview video obscures his original remarks.
It also remains unclear how much Việt Nam would spend on these American purchases or which specific U.S. “policy restrictions” he referenced.
The Background: These developments follow increased scrutiny of Vietnamese manufacturing origins.
On July 28, Bloomberg reported that U.S. customs officials had conducted unannounced inspections of several factories with ties to China operating in Việt Nam.
- Inspectors examined records, raw material origins, and manufacturing processes to determine if the manufacturing added enough value for the goods to qualify as Vietnamese-origin products.
- Prior to the inspections, Washington has been concerned about Chinese-origin goods being sent to Việt Nam and labeled “Made in Vietnam” with minimal processing.
- Vietnamese state media did not report on the factory inspections.
Washington has been concerned about Chinese-origin goods being sent to Việt Nam and labeled “Made in Vietnam” with minimal processing.
- In early July, Greer described the practice as “completely illegal transshipment, where goods are sent to Việt Nam and simply labeled ‘Made in Vietnam.’”
- While Bloomberg’s sources indicated that Washington had not found substantial evidence of illegal transshipment at the time, the U.S. has repeatedly cited the practice as a major concern.
Why It Matters: The U.S. is Việt Nam’s largest export market, and Việt Nam’s trade surplus with the U.S. continues to grow.
- In 2025, Việt Nam had the world’s third-largest trade surplus with the U.S., behind China and Mexico.
- In the first five months of 2026, Việt Nam recorded a $60.4 billion trade surplus with the U.S., an increase of 21.1% from the same period a year earlier.
- U.S. President Donald Trump has repeatedly emphasized his goal of reducing the U.S. trade deficit through tariffs.
Currently, Việt Nam is currently the only country simultaneously facing three investigations under Section 301 of the U.S. Trade Act.
- One investigation concerns alleged excess production capacity—a scenario where a country produces far more than domestic and normal market demand can absorb, then sells the surplus abroad at extremely low prices.
Beyond the investigations, the U.S. has pressed Việt Nam on issues regarding intellectual property protection, excess capacity in certain industries, and trade fraud.
- In response, Vietnamese authorities have intensified enforcement across the economy to demonstrate their commitment to tackling violations.
- In a three-week period beginning June 1, authorities detected and took action in 1,438 cases of intellectual property violations, opening criminal proceedings in 28 of those cases.
- Furthermore, on July 24, President Donald Trump announced new tariffs on 60 trading partners. Under this policy, Vietnamese exports will face a 12.5% tariff over forced labor concerns, replacing the previous temporary 10% rate.
Thành Phương wrote this news article in Vietnamese and published it in Luật Khoa Magazine on September 22, 2026. The Vietnamese Magazine translated it into English.
