Vietnam has said it doesn't plan to "restrict trade" with the US, although it currently taxes some imports from there. The government said this week that it will allow SpaceX, which is owned by close Trump ally Elon Musk, to operate its Starlink satellite internet service in the country on a trial basis.

Vietnamese policymakers are hoping to preempt U.S. concerns about its lopsided trade surplus with the United States.

Vietnam will cut its tariffs on several U.S. products including LNG and cars, and moved to approve Starlink services, as the country tries to avoid being hit with U.S. tariffs because of its large bilateral trade surplus.