Vietnam, U.S. agree on framework for trade deal

HANOI, Oct. 26 (Xinhua) -- Vietnam and the United States on Sunday agreed on a framework for a trade agreement, the Vietnam News Agency reported.

Under the agreement, Vietnam will provide preferential market access for substantially all U.S. industrial and agricultural exports to Vietnam.

In return, the United States will maintain reciprocal tariffs at 20 percent for Vietnamese goods and extend zero tariffs on a range of products listed under U.S. executive orders.

Both sides pledged to tackle non-tariff barriers and regulatory hurdles affecting trade in such priority sectors as automobiles, medical devices, pharmaceuticals, and intellectual property.

Vietnam also agreed to accept U.S. vehicle safety and emissions standards, simplify import licensing procedures, and improve intellectual property enforcement.

Since Aug. 1, the United States has lowered tariffs on Vietnamese goods from 46 percent to 20 percent under an executive order signed by U.S. President Donald Trump.