US Efforts to Boost Crop Sales to Asia Bearing Fruit in Vietnam
(Bloomberg) -- US efforts to increase exports of agricultural products to Asia, excluding China, look to be bearing fruit, with Vietnam pledging to buy more American goods to strengthen trade ties with Washington.
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Hanoi is expected to sign deals with Washington to purchase more than $2 billion worth of agricultural, forestry and fishery products, according to a statement posted on the Vietnamese government's website. The nation has vowed to increase buying of American goods, and offered to remove all tariffs on US imports to secure a trade deal and avoid high tariffs.
The Southeast Asian nation is already scooping up more grains from the US, especially corn, as shipments have become more attractive than South American supplies. The development comes at a time when demand from China has collapsed following trade tensions between the world's two biggest economies.
A 50-member delegation led by Do Duc Duy, Vietnam's agriculture and environment minister, is in Iowa to sign five memorandums of understanding between the Vietnamese feed industry and private American companies, the Iowa Corn Growers Association said in a post on its website.
Two of the MOUs, covering the export of 900,000 tons of US corn and 250,000 tons of dried distillers grains, or DDGS, have already been signed, the association said.
Vietnam is seen importing 12.7 million tons of corn in the 2025-26 season, making it the world's third-largest buyer of the corn, according to data published by the United States Department of Agriculture.
--With assistance from Isis Almeida, Francesca Stevens and Nguyen Dieu Tu Uyen.
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