The timber, textile, and agricultural sectors benefit from the new retaliatory tariffs of the United States.

According to the Ministry of Industry and Trade, on October 26, Vietnam and the U.S. jointly announced the Joint Declaration on the Framework of a Responsive, Fair, and Balanced Trade Agreement, reported by TTXVN. The declaration was made on the occasion of Prime Minister Pham Minh Chinh and President Donald Trump attending the 47th ASEAN Summit in Kuala Lumpur, Malaysia. Accordingly, Vietnam and the U.S. agreed on the key principles within the framework of the Trade Agreement, aiming to expand market access for each other's exports. Specifically, Vietnam will expand market access for most of the U.S.'s industrial and agricultural goods. Conversely, the U.S. will maintain a 20% responsive tariff on goods originating from Vietnam while considering tariff exemptions for certain products. Both sides committed to cooperating in removing non-tariff barriers in bilateral trade. Vietnam will gradually recognize U.S. emission standards, simplify the approval procedures for ...