Vietnam and the United States are in the final stage of negotiations on a reciprocal and balanced trade agreement, with To Lam saying the sides are very close to a deal during a Bloomberg Television interview on the sidelines of the UN General Assembly in New York on Sept. 21. Vietnam has offered to expand purchases of American commercial aircraft, nuclear power equipment and highway and railway infrastructure products as its goods surplus with the US widens. US goods trade with Vietnam totaled about $209.5 billion in 2025, including $193.9 billion of US imports and a $178.3 billion deficit, up 44.6% from 2024. The deficit reached nearly $140 billion in the first seven months of 2026, according to the US Census Bureau. Trade talks have focused on transshipment, rules of origin, customs enforcement, Chinese inputs and non-tariff barriers. To Lam said Vietnam does not accept transshipment and that exports must genuinely originate in the country. The negotiations grew out of Donald Trump's April 2025 reciprocal-tariffs order and an October framework for a reciprocal, fair and balanced trade agreement. They also cover access to advanced US technology, with Trump saying in February that he would seek to remove Vietnam from lists restricting such access. Vietnam faces a 12.5% US levy and three Section 301 investigations, while Hanoi says it has prohibited forced-labor goods and tightened customs procedures. Both sides have reported substantial progress, but the final terms will determine whether Vietnam can sustain its export-led manufacturing model while meeting US demands for a more balanced trading relationship.