Vietnam’s leadership was caught off guard by US President Donald Trump’s announcement last week that it agreed to a 20% tariff, and the Southeast Asian nation is still seeking to lower the rate, according to people familiar with the matter.

Vietnamese Prime Minister Pham Minh Chinh and China's Premier Li Qiang have agreed to boost trade and investment ties between the two countries during a meeting on the sidelines of the BRICS summit in Brazil,

The president said he had agreed to initial trade terms with Vietnam, the second country to strike a limited deal after Mr. Trump threatened steep tariffs.