Hanoi:  Vietnam is preparing to sign a new trade agreement with the United States soon, according to Deputy Prime Minister Bui Thanh Son. The deal aims to strengthen economic cooperation between the two countries and address trade imbalances that have grown over the past few years.

Speaking to reporters, Bui Thanh Son said that both sides were in the final stages of negotiation and expected to reach an agreement shortly. The Deputy Prime Minister explained that the trade deal would help stabilize export markets and maintain Vietnam’s key role in global supply chains.

The United States remains Vietnam’s largest export market, with a trade surplus of about 111 billion dollars recorded in the first ten months of this year. Washington, however, has been pressing Hanoi to take steps to reduce this gap, including increasing purchases of American goods.

Negotiations are being led by Vietnam’s Trade Minister Nguyen Hong Dien in Washington. Talks are focused on identifying which Vietnamese products could be exempted from U.S. tariffs and what preferential access U.S. goods, such as agricultural and industrial products, will receive in Vietnam. Coffee and electronics are among the key items under discussion.

Vietnam is also seeking recognition as a market economy, a status that would help ease trade restrictions and open the door to more U.S. investment, especially in high-tech and clean energy sectors. The two sides have been working within the framework of their comprehensive strategic partnership, established to expand cooperation beyond trade and include areas such as education, innovation, and defense.

The deal could be signed before the end of the year, depending on the outcome of a pending U.S. Supreme Court ruling that may influence tariff policy. Both governments are hoping the agreement will be completed soon to avoid disruptions in trade flows.

Earlier this year, Vietnamese companies signed agreements to buy about two billion dollars worth of American farm products, including corn and soybeans, as part of efforts to balance trade.

Analysts say the upcoming deal would benefit both nations. For Vietnam, it would secure stable access to the U.S. market and protect exporters from future tariff increases. For the U.S., it offers an opportunity to reduce the trade deficit and deepen ties with one of Southeast Asia’s fastest-growing economies.

Officials from both sides are expected to announce more details in the coming weeks once the final draft of the agreement is ready for signing.