Vietnam Inks Deals to Buy $3 Billion US Products Before Talks
Vietnamese businesses have signed 20 agreements worth about $3 billion to import more US agricultural products ahead of the third round of official negotiations set to take place next week.
Memoranda of understanding were signed during talks involving Minister of Agriculture and Environment Do Duc Duy in Iowa, Ohio, Maryland and Washington from June 2-6, the ministry said in a statement on Saturday.
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FTC commissioner talks consolidation, right to repair with Iowa farmers
Federal Trade Commissioner Alvaro Bedoya, right, speaks with Iowa Farmers Union President Aaron Lehman, center, and Josh Manske, left, at an event with IFU members in Ankeny June 7, 2025. (Photo by Cami Koons/Iowa Capital Dispatch) ANKENY — Iowa Farmers Union members met Saturday with U.S. Federal Trade Commissioner Alvaro Bedoya and explained how consolidation in the agriculture industry has crippled their farming operations and rural communities. Bedoya, who visited with Iowa farmers three years prior, said it was important to come back to the places where 'the scope of the problems that people are facing just hits you in the face.' 'The key question is: what is the undone work,' Bedoya said to the group gathered in a barn at Griffieon Farms outside of Ankeny. Bedoya is visiting with groups around the country while he is involved in a lawsuit against the Trump administration, which fired him from the FTC in March. 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Part of the problem, for repairs and for nearly every aspect related to farming, is that repair shops, dealers, grain elevators, meat lockers and other commodities are fewer and further between. Farmers gave countless examples Saturday of how this spread has hurt not just their ag operations, but their rural communities as well. Josh Manske, an IFU board member and farmer, said farmers no longer shop around for the best fertilizer price, instead they shop 'for transportation.' 'The price is the same no matter where you go,' Manske said, noting the problems with a lack of competition. LaVon Griffieon said she sees the same issue spread to grocery stores across the state. Living where she does just outside of Ankeny, Griffieon said she has access to multiple stores within a 5-10 minute drive, but friends of hers in rural counties must drive in excess of 20 minutes to the closest grocery store, and close to an hour to find a store with organic products. 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'The FTC is not for fighting your political fights,' Bedoya said. 'It's for suing the John Deeres of the world. It's for suing the Cortevas and Syngentas of the world that are screwing over farmers and that are making people's lives harder. It's not for political warfare.' SUPPORT: YOU MAKE OUR WORK POSSIBLE
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12 hours ago
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Vietnam Inks Deals to Buy $3 Billion US Products Before Talks
(Bloomberg) -- Supply Lines is a daily newsletter that tracks global trade. Sign up here. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World ICE Moves to DNA-Test Families Targeted for Deportation with New Contract US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Trump Said He Fired the National Portrait Gallery Director. She's Still There. Vietnamese businesses have signed 20 agreements worth about $3 billion to import more US agricultural products ahead of the third round of official negotiations set to take place next week. Memoranda of understanding were signed during talks involving Minister of Agriculture and Environment Do Duc Duy in Iowa, Ohio, Maryland and Washington from June 2-6, the ministry said in a statement on Saturday. 'These agreements highlight the strong commitment and goodwill of Vietnam's business community and government to promote balanced trade with the US, and to encourage the Trump administration to reconsider high reciprocal tariffs on Vietnamese goods,' it said. Vietnam has engaged in weeks of intense diplomacy with the US — the largest export market of the trade-reliant country — as it seeks to avert a threatened 46% tariff, which was later wound back to 10% for 90 days to allow time for talks. The reference to 'goodwill' echoes language used earlier this week, when the Southeast Asian nation sent a written reply to US trade requests after the Trump administration vowed to keep pressuring the country to reduce its role in China supply chains. Vietnam cited progress after the second round of trade talks last month but said that outstanding issues remain. It's taken steps to address some US concerns, such as stepping up a crackdown on trade fraud and promising to buy US agricultural products. Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P.
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$3 Billion to Buy U.S. Agricultural Commodities: Vietnam Seeks a Good Deal of Reciprocal Trade Agreement with the U.S.
WASHINGTON D.C / / June 7, 2025 / Vietnam's Minister of Agriculture and Environment Do Duc Duy led a delegation of nearly 50 agencies, agribusinesses, and associations to the United States from June 2-6, 2025, to promote trade and increase imports of agricultural and timber products. The delegation held business dialogues in Iowa, Ohio, Maryland and Washington, D.C. MoU signing to purchase US agricultural commodities. The visit aimed to boost two-way trade and open new opportunities for Vietnam to import more U.S. agrifood and timber, contributing to a more balanced trade relationship. Beyond trade, the delegation also sought access to new technologies to enhance the competitiveness of Vietnam's agricultural value chains. Minister Duy noted that while both countries have strong agricultural sectors, their strengths are complementary rather than competitive. "With strong support from both governments, agriculture in Vietnam and the U.S. is becoming more interconnected. We now share parts of the same supply chains, which helps increase our competitiveness and benefits producers and consumers in both countries," the Minister stated. "Vietnamese agribusinesses are working closely with the government to increase purchases of US agrifood and timber products. This effort supports trade balance and strengthens the supply chain between our two countries, hence contributing to global food security". He emphasized that this initiative also reflects Vietnam's commitment to deepening trust and advancing the Comprehensive Strategic Partnership as the two countries celebrate 30 years of diplomatic relations. During the trip, Vietnamese businesses signed 20 MoUs, worth a total of $3 billion to buy U.S. agricultural commodities. These agreements highlight the strong commitment and goodwill of Vietnam's business community and government to promote balanced trade with the U.S., and to encourage the Trump Administration to reconsider high reciprocal tariffs on Vietnamese goods. The visit was warmly welcomed and highly valued by U.S. partners. Iowa Governor Kim Reynolds immediately shared her appreciation on X following her meeting with Minister Do Duc Duy: "Excited to welcome Vietnam's Minister of Agriculture and Environment, Do Duc Duy, and the whole Vietnamese delegation to Iowa and celebrate the signing of MOUs and purchase agreements for Iowa commodities. The agreements today will help our farmers and strengthen the agricultural supply chain between Vietnam and Iowa". Following the Governor, Mike Naig, Secretary of Iowa Department of Agriculture, put on X: "Yesterday, I met with Vietnam's ag minister and a major trade delegation working to strengthen ties with U.S. ag producers. Of the $2B in new MOUs signed, $800M is tied to Iowa". Brian Baldridge, Ohio Secretary of Agriculture, emphasized during his meeting with Minister Duy that Vietnam and the US, especially Vietnam and Ohio, have complementary strengths, particularly in agricultural trade. Ohio sees strong potentials in Vietnam and recognizes the opportunities to expand bilateral trade. He noted that stakeholders from both sides should explore new ways for farmers, agribusinesses, and associations to collaborate and build strong, integrated supply chains. To support this, both governments should work to remove barriers to agricultural trade. Following the signing of MoUs with Vietnamese partners to purchase more than $600 million worth of animal feed from Ohio, Patty Mann, Chair of the Ohio Corn Checkoff, stated: "These agreements represent a major win for Ohio corn farmers. Vietnam continues to be a growing and reliable export market, and partnerships like this help ensure we can keep delivering high-quality, Ohio-grown products to the world". This was elaborated further by Wendy Osborn, Director of Market Development, Ohio Corn and Wheat: "The MOUs signed today represent potential commitments of significant volumes of agricultural commodities and strategic partnerships that will support Vietnam's growing agricultural sector while providing sustainable markets for Ohio's farm families. These agreements build upon the strong foundation established through years of relationship-building. May these agreements serve as a foundation for many years of continued collaboration and mutual prosperity". During a roundtable with the US-ASEAN Business Council (USABC) in Washington D.C, Ted Osius, President and CEO of USABC, expressed strong support for Vietnam's agricultural development: "Rapid changes in U.S. tariff policies have created a challenging trade environment. We're encouraged that Vietnam is considering increasing imports of agricultural goods to help reduce its trade deficit with the U.S. USABC and its member companies remain committed to supporting the growth of Vietnam's food and agriculture sector". In response to the USABC President, Minister Duy reaffirmed the Vietnam government's strong commitment to continuing institutional reforms, improving administrative efficiency, upgrading infrastructure, and creating the most favorable environment for international businesses, including U.S. enterprises, to expand trade and investment with Vietnam in a long-term and effective manner. Roundtable discussion between Vietnam's Ministry of Agriculture and Environment with USABC in Washington DC. During the meeting with Minister Duy, the Chairs of the Agriculture Committees of both the U.S. Senate and House of Representatives expressed enthusiasm and optimism about the remarkable outcomes of the Vietnamese delegation's visit to Iowa, Ohio, and Washington, D.C. Senator John Boozman was particularly impressed by Vietnam's robust economic growth and the strong potential for long-term cooperation between the two countries. He highlighted Vietnam's role as a dynamic and reliable economic partner in the Asia-Pacific region. The Senator expressed support for efforts to achieve a fair tariff agreement and pledged to fully convey Vietnam's recommendations to relevant US authorities. Representative Glenn Thompson showed special interest in the high-value deals for US agricultural commodities secured during the Minister's visit. He expressed confidence in the prospects for deeper cooperation between the two agricultural sectors and emphasized the need for the US government to promptly address concerns over the high reciprocal tariffs that may be applied to Vietnam exports. He welcomed Vietnam's decision to commercialize biotechnology-based agricultural products imported from the US, calling it a clear signal of Vietnam's determination to modernize its agriculture and integrate more closely with the US supply chains. Businesses and associations from both countries expressed hope that the Vietnamese and US governments would continue to support bilateral trade and strengthen links across their complementary agricultural supply chains. Their shared goal is to bring tangible benefits to millions of farmers, consumers, and businesses in both countries. As such, businesses on both sides are urging the removal of the reciprocal tariffs imposed by the Trump Administration on Vietnam. The 46% tariff has been reported to harm not only Vietnamese exporters but also U.S. businesses and consumers. Since agrifood is a staple commodity, higher price would place a considerable burden on average-income American households. Moreover, such measures could disrupt the supply chains that both governments and the private sector have worked hard to establish in recent years. Businesses wish for a trade agreement between the U.S. and Vietnam soonly concluded, thereby lowering tariffs on agricultural commodities, reinforcing shared supply chains and contributing to the prosperity of both countries under the Comprehensive Strategic Partnership. Media Contact:Icdmard2299@ SOURCE: Media OutReach View the original press release on ACCESS Newswire Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
