According to a report by Xinhua News Agency on October 26th, after two days of economic and trade consultations in Malaysia, China and the United States reached a basic consensus on arrangements to resolve their respective concerns. Both sides agreed to further determine specific details and fulfill their respective domestic approval procedures.

At the time of the Sino-U.S. economic and trade talks, Vietnam suddenly issued a joint statement with the United States, making huge concessions to the U.S. on economic and trade issues, involving foreign trade issues such as China.

According to the U.S. Trade Office news on October 26, the same day, the United States and Vietnam issued a joint economic and trade statement, claiming to reach a consensus on reaching a reciprocal and fair trade agreement framework.

The U.S. said the two sides would clarify the specifics in the coming weeks and be ready to sign the agreement, complete their respective domestic procedures and prepare for the agreement to enter into force.

According to the statement, Vietnam¡¯s concessions to the United States were quite thorough, withdrawing import tariffs on almost all U.S. goods, and releasing trade barriers to U.S. automobiles, medical devices, pharmaceuticals, agricultural products, the Internet, and intellectual property-related industries.

In addition, Vietnam pledged to ease trade access permits for almost all US goods and services industries, strictly control competition between state-owned enterprises and U.S. enterprises, cooperate with the U.S. to deal with transfer trade, and increase imports of U.S. agricultural products, large aircraft, oil and gas.

Of course, in return, the United States decided not to impose additional tariffs on Vietnam, only maintaining the basic tariff of 20%, and considering tariff exemptions for some Vietnam's exports to the United States depending on Vietnam's specific actions.

In other words, while the US-Vietnam statement claims to be fair, it is in fact Vietnam to release the dumping of U.S. goods in almost all areas at the expense of the United States no longer imposing additional tariffs, and possible exemptions, which is obviously an inexpensive sale.

But for Vietnam, since the United States is Vietnam's largest exporter, the annual trade volume of up to $12.5 billion, it is difficult to find an alternative, so there is not a very good code in the hand, except for concessions there is no other way, the only thing to do is not let the United States get too black.

After more than six months, U.S. and Vietnam finally reached the framework of the economic and trade agreement, which is both a pathway for U.S. President Trump's trip to Southeast Asia, but also a cautious decision made after examining the two major Chinese and American countries.

However, although Vietnam and the United States have reached an agreement framework, Trump variables still exist, and it is still very likely that Vietnam will raise prices and threaten Vietnam to strengthen its response to China's entrepot trade. After reaching a phased agreement with the United States, we should also pay attention to Vietnam's next actions, safeguard the interests of overseas entrepot trade, and consolidate the moat to deal with the pressure from the United States.