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Vietnam Seeks $3 Billion Deal for U.S. Agricultural Commodities in Reciprocal Trade Agreement

The Sun

a day ago

The Sun

Vietnam Seeks $3 Billion Deal for U.S. Agricultural Commodities in Reciprocal Trade Agreement

WASHINGTON D.C, US - Media OutReach Newswire - 7 June 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. 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. 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. Hashtag: #MAE The issuer is solely responsible for the content of this announcement.

$3 Billion to Buy U.S. Agricultural Commodities: Vietnam Seeks a Good Deal of Reciprocal Trade Agreement with the U.S.

The Sun

2 days ago

The Sun

$3 Billion to Buy U.S. Agricultural Commodities: Vietnam Seeks a Good Deal of Reciprocal Trade Agreement with the U.S.

WASHINGTON D.C, US - Media OutReach Newswire - 7 June 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. 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. 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.

The Star

2 days ago

The Star

U.S. stocks rally after key jobs report

NEW YORK, June 6 (Xinhua) -- U.S. stocks advanced on Friday, as investors reacted positively to the U.S. nonfarm payroll report and growing signs that tensions between U.S. President Donald Trump and Tesla CEO Elon Musk may be cooling. The Dow Jones Industrial Average rose 443.13 points, or 1.05 percent, to 42,762.87. The S&P 500 added 61.06 points, or 1.03 percent, to 6,000.36, surpassing the 6,000 level for the first time since late February. The Nasdaq Composite Index increased 231.50 points, or 1.20 percent, to 19,529.95. All of the 11 primary S&P 500 sectors ended in green, with energy and communication services leading the gainers by rising 1.98 percent and 1.88 percent, respectively. Consumer staples posted the weakest growth, up by 0.18 percent. The U.S. Bureau of Labor Statistics reported that employers added 139,000 jobs in May, exceeding economists' expectations of 125,000. The unemployment rate held steady at 4.2 percent. The numbers reinforced the labor market's resilience, even as ongoing trade uncertainty continues to weigh on economic sentiment. "The nonfarm payrolls report came in better than expected," Anthony Saglimbene, chief market strategist at Ameriprise, said in an interview with CNBC. "It's showing that the labor market is holding up very well in spite of kind of some slowing growth trends." "The key figures in the May jobs report are better than solid, they are strong... For the Fed, this likely means they can stay in wait-and-see mode," said economists with Bank of America Global Research. Markets responded to the jobs report by pricing out a July cut and "we remain comfortable with our view that the Fed won't cut this year," said the economists in a research note. While inflation and tariffs have dominated headlines, some economists warn that declining immigration could pose an even greater drag on growth. Deutsche Bank noted that reduced immigration may have a more damaging long-term impact on the economy than trade policies. "While everyone is focused on the impact of tariffs, the real story for the U.S. economy is the collapse in immigration: down more than 90 percent compared to the run rate of previous years, equivalent to a slowing in labor force growth of more than 2 million people," Deutsche Bank's strategist George Saravelos wrote in a note on Friday. "This represents a far more sustained negative supply shock for the economy than tariffs." Tesla shares rebounded 3.82 percent after Thursday's 14.26 percent plunge, pushing the electric vehicle maker's valuation below the one-trillion-U.S.-dollar mark. The recovery helped ease broader concerns tied to the public dispute between Trump and Musk. Most large-cap tech stocks also moved higher. Alphabet climbed 3 percent, while Apple, Amazon, and Meta Platforms each gained around 2 percent. Nvidia added 1.21 percent, and Microsoft edged up 0.58 percent to 470.38, a fresh all-time high. Broadcom shares, however, dropped 5 percent despite solid quarterly earnings, as the company's outlook failed to meet expectations. In the bond market, the yield on the 10-year U.S. Treasury note climbed to 4.51 percent, up from 4.39 percent the previous day, marking its highest level in two weeks.

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Vietnam Seeks $3 Billion Deal for U.S. Agricultural Commodities in Reciprocal Trade Agreement

$3 Billion to Buy U.S. Agricultural Commodities: Vietnam Seeks a Good Deal of Reciprocal Trade Agreement with the U.S.

U.S. stocks rally after key jobs report

Money20/20 Unveils Global Powerhouse Jury for Inaugural Money Awards

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Vietnam Seeks $3 Billion Deal for U.S. Agricultural Commodities in Reciprocal Trade Agreement

$3 Billion to Buy U.S. Agricultural Commodities: Vietnam Seeks a Good Deal of Reciprocal Trade Agreement with the U.S.

U.S. stocks rally after key jobs report

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