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.

Against a ticking clock, President Donald Trump said Wednesday the United States has reached a trade agreement with Vietnam, pulling off the administration’s third significant deal ahead of a self-imposed July 9 deadline.

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.