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.

With the dust far from having settled on this week’s US-Vietnam trade agreement, one thing is clear: companies operating in what’s become one of the most vibrant Asian economies are on notice to move up the value chain.

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