Vietnam will soon sign an agreement with Indonesia to boost long-term rice shipments, the Vietnamese government said on Tuesday in a statement, after exports plunged in the first half of the year. The statement came hours after Vietnamese Prime Minister Pham Minh Chinh met Indonesian President Prabowo Subianto on the sidelines of the BRICS summit in Brazil.

(Reuters) -Vietnam is preparing stricter penalties to crack down on trade fraud and the illegal transshipment of goods, and has focused its inspections on Chinese products as it tries to comply with commitments made to Washington,

The US trade agreement with Vietnam reportedly lowers tariffs but lacks detail, triggering sharp warnings from Chinese officials.

Vietnam will devise measures to improve product quality to cope with potential risks from U.S. tariffs, as it seeks to expand exports to other markets and reduce its reliance on the United States, the country's deputy trade minister said on Wednesday.

Vietnam is intensifying its crackdown on trade fraud and illegal transshipment, primarily focusing on Chinese imports to comply with a U.S. agreement. The country is implementing stricter sanctions and inspections to prevent fraudulent 'Made in Vietnam' labels,

At the heart of Trump’s latest trade deal with Vietnam and talks with other trading partners is an effort to counter what he sees as China’s unfair practices to circumvent U.S. tariffs.

Now, a fresh trade deal between the U.S. and Vietnam has eased some of those concerns. The agreement sets tariffs at 20%, far lower than the 46% rate floated in April. That news sent retail stocks climbing.

Many countries thought they were negotiating in good faith. The White House renewed its “reciprocal” tariff plan anyway, giving countries until Aug. 1 to make offers.