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

The Sun

4 hours 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

7 hours 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.

Vietnam's trade surplus with US surges, complicating tariff talks

The Star

12 hours ago

The Star

Vietnam's trade surplus with US surges, complicating tariff talks

Sales staff work at an Apple shop in Hanoi, Vietnam Thursday, April 10, 2025. Vietnam is home to large manufacturing operations of US multinationals such as Apple, Intel and Nike. - AP HANOI: Vietnam's trade surplus with the US expanded sharply in May as exports swelled and its imports from China also jumped, exacerbating sore points with Washington that could hurt Hanoi's efforts to avoid crippling tariffs. Separate trade data from the US also showed Vietnam's surplus overtook Mexico's in April, lagging only China and the European Union. US President Donald Trump has vowed to bring down the US trade deficit and the South-East Asian country faces one of his highest "reciprocal" tariffs at 46 per cent if a deal cannot be negotiated before a pause on the levies ends in early July. Despite Hanoi's efforts and pledges to meet Washington's demands, the surplus keeps growing, particularly as exporters rush to get their goods to the US before the tariffs go into effect. The new figures "may put some clouds in the sky of these negotiations and put pressure on Vietnam to make additional concessions to reach an agreement," said Leif Schneider, vice chairman of the European Chamber of Commerce in Vietnam's legal sector committee. The surplus with the United States surged to US$12.2 billion in May, up nearly 42 per cent from a year earlier and 17 per cent higher than April, Vietnamese government data showed on Friday. Exports to the US also climbed roughly 42 per cent from a year earlier to a post-pandemic high of US$13.8 billion. That stands in contrast to signs that other countries are reining in their exports to the United States with the US trade deficit narrowing sharply in April. Schneider noted that while Vietnam's spike in exports was largely due to front-loading ahead of possible tariffs, and represents a short-term inflation of the surplus, Vietnam is in a particularly hard spot because of its limited imports from the United States. In the first five months of the year, the surplus hit nearly US$50 billion, up 28.5 per cent and putting Vietnam on track to exceed last year's record surplus. The country's imports from China also posted a post-pandemic record of US$16.2 billion in May, up 21 per cent from a year earlier. Vietnam is home to large manufacturing operations of US multinationals such as Apple, Intel and Nike, and it also hosts numerous Chinese companies, often suppliers to US firms. US officials have repeatedly accused Vietnam of being used as a waypoint for Chinese goods destined for the United States. They allege that some goods have "Made in Vietnam" labels despite having received no or insufficient added value in the country - allowing Chinese exporters to avoid high US duties on their goods. The US has sent a "long" list of "tough" requests to Vietnam in its tariff negotiations, including demands that could force the country to cut its reliance on Chinese industrial goods imports, two people briefed about the matter have said. Under US pressure, Hanoi has launched a crackdown on illegal transshipments of goods, mostly from China. It has also repeatedly shown its willingness to reduce non-tariff barriers and to import more US goods, including US planes, farm products and energy, although no purchase contracts have been announced yet. Vietnam's overall trade figures with the world showed exports in May rose 17 per cent from a year earlier to US$39.6 billion, while imports were up 14 per cent at US$39 billion. Separate government data also out on Friday showed industrial production in May shot up 9.4 per cent from a year earlier, while consumer prices rose 3.24 per cent and retail sales were up 10.2 per cent. Foreign investment inflows for January-May climbed 7.9 per cent to US$8.9 billion. Foreign investment pledges over the period soared 51.2 per cent to US$18.4 billion. - Reuters

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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.

Vietnam's trade surplus with US surges, complicating tariff talks

Vietnam approves plan to develop high-tech human resources

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Related Articles

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.

Vietnam's trade surplus with US surges, complicating tariff talks

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