A trade deal between the United States and Vietnam worth $15 billion of goods and services will be signed during the visit of Vietnamese Prime Minister Nguyen Xuan Phuc during his next meeting on Wednesday in Washington D.C. This is centered on latest technology products and services which will importantly raise imports of such products to the from the U.S.
The bilateral trade deficit of Vietnam with the U.S. has widened from $7 billion reaching almost $32 billion in the past 10 years. Also, this shows rising imports of electronic products besides the traditional business sectors such as footwear, clothing, and furniture. It poses a problem for the country while they remain optimistic that this can still be amended and enhance their trade relationship, according to Lighthizer as the U.S. Trade Representative. They promised to lessen the gap in figures with their principal trading partners.
