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JBS kicks off beef exports to 'strategic' Vietnamese market

JBS kicks off beef exports to 'strategic' Vietnamese market

Yahoo5 hours ago
JBS has sent its first shipment of beef to Vietnam as the Brazilian meat giant looks to tap into the "strategic" market in South East Asia.
Publicly listed JBS said in a statement that 27 tonnes of beef left its Mozarlândia factory in Brazil on Saturday (5 July). The site, which produces the company's Friboi meat brand, was recently approved for authorisation to ship to Vietnam, along with its facility in Goiânia.
"The opening of the Vietnamese market represents more than the entry into a new commercial destination: it is a strategic move by JBS in Asia, a region with growing demand for animal protein and economic prominence," the company said.
A ceremony held in Rio de Janeiro, attended by Vietnamese Prime Minister Phạm Minh Chính and Brazil's Minister of Agriculture Carlos Fávaro, marked the first shipment of Brazilian meat to Vietnam.
Marcela Rocha, JBS' executive director of corporate affairs, highlighted the relevance of opening up Vietnam to Brazil: "Being present in this market is positive for the entire national agribusiness chain: rural producers, industries, suppliers and workers.'
Rocha added: 'It is a sector that represents 20% of GDP, generates employment and moves regional economies."
JBS said in the statement that with a population exceeding 101 million inhabitants, according to the General Statistics Office of Vietnam (GSO), Vietnam imported about 300,000 tons of beef and buffalo in 2024, aimed at domestic consumption by an expanding middle class.
It added that Vietnam's GDP growth is estimated to be at 7.6% in the second quarter of this year compared to the same period in 2024, meaning the country is now one of the "most promising markets in South East Asia for animal proteins".
JBS noted that "sustained growth and accelerated urbanisation is expected to further drive demand in the coming years and positions Brazil as a strategic supplier to serve this market'.
The meat giant said in March it had earmarked $100m to invest in Vietnam with a plan to build two facilities to supply the local market and the rest of South East Asia.
Under the first phase of the project, a facility will be constructed in Khu công nghiệp Nam Đình Vũ located in the city of Hải Phòng in north-east Vietnam. It will include a logistics centre with storage facilities, along with 'pre-processing, cutting and packaging activities'.
As part of a memorandum of understanding (MoU) signed with the Vietnamese government, the second site will be built in the south of the country in an unspecified location. It will be similar in operation to the first, with construction likely to start two years after production begins at the initial plant.
"JBS kicks off beef exports to 'strategic' Vietnamese market" was originally created and published by Just Food, a GlobalData owned brand.
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Deals made by Trump since pausing his 'Liberation Day' tariffs remain sparse
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Trump Administration Live Updates: President Announces New Tariffs of 25% on Goods From Japan and S. Korea
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Deals made by Trump since pausing his 'Liberation Day' tariffs remain sparse
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Like most other countries, Vietnam has faced Trump's 10% baseline tariff for the last three months. United Kingdom On May 8, Trump agreed to cut tariffs on British autos, steel and aluminum, among other trade pledges — while the U.K. promised to reduce levies on U.S. products like olive oil, wine and sports equipment. The deal was announced in grandiose terms by both countries, but some key details remained unknown for weeks. When the deal was announced, for example, the British government notably said that the U.S. agreed to exempt the U.K. from its then-universal 25% duties on foreign steel and aluminum — which would have effectively allowed both metals from the country to come into the U.S. duty-free. But the timing for when those cuts would actually take effect stayed up in the air for almost a month. It wasn't until early June, when Trump hiked his steel and aluminum tariffs to a punishing 50% worldwide, that the U.S. acknowledged it was time to implement the agreement. And even then, U.S. tariffs on British steel and aluminum did not go to zero. The U.K. was the only country spared from Trump's new 50% levies, but still faces 25% import taxes on the metals — and Trump said that rate could also go up on or after Wednesday. The U.K. did not receive a higher 'reciprocal' rate on April 2, but continues to face the 10% baseline tax. China At its peak, Trump's new tariffs on Chinese goods totaled 145% — and China's countertariffs on American products reached 125%. But on May 12, the countries agreed to their own 90-day truce to roll back those levies to 30% and 10%, respectively. And last month, details began trickling in about a tentative trade agreement. On June 11, following talks in London, Trump announced a 'framework' for a deal. And late last month, the U.S. and China both acknowledged that some sort of agreement had been reached. U.S. Treasury Secretary Scott Bessent said that China had agreed to make it easier for American firms to acquire Chinese magnets and rare earth minerals critical for manufacturing and microchip production. Meanwhile, without explicitly mentioning U.S. access to rare earths, the Chinese Commerce Ministry said that it would 'review and approve eligible export applications for controlled items' and that the U.S. would 'lift a series of restrictive measures it had imposed on China." More specifics about those measures — and when they would actually go into effect — were not immediately clear. But on Friday, the Ministry of Commerce acknowledged that the U.S. was resuming exports of airplane parts, ethane and other items to China. And when Trump first announced the framework on June 11, the U.S. had said it agreed to stop seeking to revoke the visas of Chinese students on U.S. college campuses. _________ AP Reporters Aniruddha Ghosal in Hanoi, Paul Wiseman and Fu Ting in Washington, D.C., and Huizhong Wu in Bangkok contributed to this report. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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