HANOI/KUALA LUMPUR (Reuters) -The United States and Vietnam have agreed to a framework for an agreement on "reciprocal, fair and balanced" trade between the two nations, the White House said on Sunday.

The deal "will provide both countries' exporters unprecedented access to each other's markets", the countries said in a joint statement released by the White House.

The United States will maintain its reciprocal tariffs at 20% on Vietnamese goods, the statement said, but added that it will identify products that will receive a 0% tariff.

Last year, Vietnam, had a trade surplus of $123 billion with the United States, its largest export market.

"In the coming weeks, the United States and Vietnam will work to finalize the Agreement on Reciprocal, Fair, and Balanced Trade, prepare the Agreement for signature, and undertake domestic formalities in advance of the Agreement entering into force," the statement said.