US-Vietnam Trade Deal Yet to Be Finalized Despite Trump’s Public Declaration: Report

Despite President Donald Trump’s announcement that a Vietnam-U.S. trade deal has been finalized, officials in Hanoi say negotiations remain ongoing and final details have yet to be settled.

According to a Reuters report, Vietnamese officials acknowledged progress in the long-awaited trade agreement but clarified that the terms are still under government review.

While tariff uncertainty continues to loom over the markets, broader indices were in the green on Thursday following jobs data that showed the U.S. labor market was stronger than expected.

The SPDR S&P 500 ETF (SPY) and the SPDR Dow Jones Industrial Average ETF (DIA), both climbed more than 0.7% each – a record high for the S&P 500 index. On Stocktwits, retail sentiment around both the ETFs continued to trend in ‘bullish’ territory amid ‘high’ levels of chatter.

The Invesco QQQ Trust Series 1 (QQQ), which tracks the tech-heavy Nasdaq 100,  climbed higher than its counterparts, gaining nearly 1% in morning trade.

The announcement from Vietnam comes after President Trump on Wednesday declared that the deal had been completed, outlining plans to impose a 20% tariff on Vietnamese exports and a 40% levy on transshipments from third countries routed through Vietnam.

“In return, Vietnam will do something that they have never done before, give the United States of America TOTAL ACCESS to their Markets for Trade,” he said in a post on Truth Social.

He also said he had a phone call with Vietnamese President To Lam. According to Vietnam’s foreign ministry, Lam “highly values President Donald Trump’s attention to Vietnam.”

While the proposed tariffs are below the 46% rate that some businesses had feared, neither country has published formal fact sheets or documentation outlining the agreement’s scope, enforcement mechanisms, or timeline.

“This is an important negotiation result, creating hope and expectations for businesses,” said Finance Minister Nguyen Van Thang at a cabinet meeting as cited by Reuters. He added that Vietnam seeks to expand “harmonious and sustainable” trade relations with other nations.

The potential U.S.-Vietnam trade deal comes after weeks of U.S. pressure on Hanoi to crack down on illegal trade practices, particularly transshipment of Chinese goods, and to eliminate non-tariff barriers. 

However, it remains unclear how Vietnam plans to enforce these provisions. The country is deeply reliant on China for its supply chains, with Chinese imports accounting for about 38% of Vietnam’s total last year, according to customs data.

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Read also: Trump Strikes Trade Deal With Vietnam, Sending Retail, Apparel Stocks Higher