Latest news with #DoDucDuy
Business Times
17 hours ago
- Business
- Business Times
US efforts to boost crop sales to Asia bear fruit in Vietnam
[SINGAPORE] 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. Hanoi is expected to sign deals with Washington to purchase more than US$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 South-east 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. 'This event showcased an increased commitment from Vietnam to purchase more agricultural products and reinforce the strong partnership between our countries,' Ralph Lents, president of the Iowa Corn Promotion Board, said in the statement. Two of the MOUs, covering the export of 900,000 tonnes of US corn and 250,000 tonnes of dried distillers grains, or DDGS, have already been signed, the association said. Vietnam is seen importing 12.7 million tonnes of corn in the 2025 to 2026 season, making it the world's third-largest buyer of the corn, according to data published by the US Department of Agriculture. The country imported about US$1.2 billion in American bulk farm commodities in 2024, according to the USDA. BLOOMBERG
The Sun
a day ago
- Business
- The Sun
Vietnamese Agri Trade Mission to Iowa
OWA, US - Media OutReach Newswire - 3 June 2025 - A delegation of the Ministry of Agriculture and Environment of Vietnam led by Minister Do Duc Duy began a trade mission to the United States, with the first stop being Iowa. Welcoming and working with the delegation, on the side of the Iowa Department of Agriculture were Secretary Mike Naig and Deputy Secretary Grant Menke. At the meeting, Minister Do Duc Duy expressed his interests to lead a delegation consisting of Vietnamese government agencies, associations and agribusinesses to visit Iowa state, known as the 'Heart of Agriculture' in the United States. With a long history of farming system, Iowa is the leading corn production in the United States, with total output of 50 million tons of corn per year. Besides, the state is also home to many other agricultural commodities such as soybean, wheat, pork and beef. 'Vietnam has become one of the world's leading agricultural exporters, contributing positively to global food security. We are constantly expanding our processing capacity, improving quality for sustainable agricultural development in Vietnam. Therefore, Vietnam and the United States can completely complement each other, jointly develop bilateral, stable and long-term agricultural supply chains,' Minister Do Duc Duy affirmed. At the meeting, the two sides jointly recognized and assessed the current status of agricultural trade cooperation between Vietnam and Iowa, and shared information, needs and potentials for business cooperation between the two sides. The discussion opened a substantive direction, promoting the export of high-quality agricultural products from Iowa to the Vietnamese market and vice versa. Notably, the delegation of 50 Vietnamese agribusinesses accompanying Minister Do Duc Duy to the United States this time is expected to sign MoUs to purchase over 2 billion USD of agrifood products from the United States. Particularly for the state of Iowa, businesses and associations of the two sides have signed 5 MOUs with a total value of about 800 million USD over 3 years. Those are significant deals compared to 44 million USD of agricultural exports from Iowa to Vietnam in 2024. Specifically, Vietnam's Khai Anh Binh Thuan Company signed an MoU to import one million tons of soybean meal, valued at approximately $380–390 million, from its partner Ag Processing Inc (AGP). The company also committed to purchasing 900,000 tons of corn and wheat from United Grain, valued at around $250 million. Viet Nhat Nutrition Technology Company signed a contract with POET Group to import 100,000 tons of DDGS and 100,000 tons of soybean meal, with a total value estimated at 60–70 million USD. Public–private partnership between the two countries also expanded through an MoU between the Department of Livestock Production and Animal Health (under Vietnam's Ministry of Agriculture and Environment) and the Iowa Pork Producers Association (IPPA). Under this agreement, both sides committed to strengthening trade ties and promoting collaboration between Vietnamese and Iowa pork industry by organizing technical seminars, market promotion and trade missions. In addition, the meeting provided opportunities for many other Vietnamese and US businesses to connect, opening new avenues to enhance trade relations and strengthen the Vietnam–US agricultural supply chain linkages. These connections are expected to accelerate the transfer of advanced U.S. technologies to Vietnamese agribusinesses, paving the way toward green, smart, and sustainable agricultural development in Vietnam. Minister Do Duc Duy expressed his confidence that today's event marks the beginning of a new phase of deeper and more effective cooperation between the Vietnamese business community and the state of Iowa. He emphasized that the outcome reflects the shared goodwill of both sides to advance the comprehensive strategic partnership between Vietnam and the United States.
NDTV
a day ago
- Business
- NDTV
Vietnam To Sign Agriculture Deals With US Worth $2 Billion
Hanoi: Vietnam is expected to sign deals with the United States to buy more than $2 billion worth of agricultural products, Hanoi said on Tuesday, as it tries to slash President Donald Trump's threatened 46 per cent tariff. The announcement came as a delegation from the Ministry of Agriculture and Environment led by Minister Do Duc Duy visited the United States. Vietnam has the third-biggest trade surplus with the United States of any country after China and Mexico and is anxious to address the imbalance to head off the tariff threat. The deals announced on Tuesday include five memorandums of understanding (MOUs) to buy products worth around $800 million from the state of Iowa over three years, the agriculture ministry said in a statement on its website. This is up from the current average of $44 million of agricultural exports per year from Iowa to Vietnam, the statement said. The new deals include the purchase of soybean meal, corn, wheat, dried soybeans and dried distillers grains (DDGS), it added. Vietnam is due to head into a third round of trade talks with the United States in the coming days. Last month it said "positive progress" has been made following three days of discussions in Washington. The Vietnamese team sought help during its time in the United States from US tech and industry giants, including Lockheed Martin, SpaceX and Google. It also signed an agreement with US company Westinghouse Electric on nuclear power development. Mr Trump's real estate group broke ground last month in Vietnam on a $1.5-billion luxury resort and golf course 40 kilometres (25 miles) southeast of the capital Hanoi. His son, Eric Trump, an executive vice president of The Trump Organization, and his wife Mrs Lara attended the event, as well as local partner the Kinhbac City Development Corporation (KBC). He has also been scouting locations for a potential tower project in Ho Chi Minh City, Vietnam's southern business hub.
The Star
a day ago
- Business
- The Star
Vietnam to sign agriculture deals with US worth US$2bil; country has the third-biggest trade surplus with the United States
HANOI (AFP): Vietnam is expected to sign deals with the United States to buy more than $2 billion worth of agricultural products, Hanoi said Tuesday, as it tries to slash President Donald Trump's threatened 46 percent tariff. The announcement came as a delegation from the Ministry of Agriculture and Environment led by Minister Do Duc Duy visited the United States. Vietnam has the third-biggest trade surplus with the United States of any country after China and Mexico and is anxious to address the imbalance to head off the tariff threat. The deals announced Tuesday include five memorandums of understanding (MOUs) to buy products worth around $800 million from the state of Iowa over three years, the agriculture ministry said in a statement on its website. This is up from the current average of $44 million of agricultural exports per year from Iowa to Vietnam, the statement said. The new deals include the purchase of soybean meal, corn, wheat, dried soybeans and dried distillers grains (DDGS), it added. Vietnam is due to head into a third round of trade talks with the United States in the coming days. Last month it said "positive progress" has been made following three days of discussions in Washington. The Vietnamese team sought help during its time in the United States from US tech and industry giants, including Lockheed Martin, SpaceX and Google. It also signed an agreement with US company Westinghouse Electric on nuclear power development. Trump's real estate group broke ground last month in Vietnam on a $1.5-billion luxury resort and golf course 40 kilometres (25 miles) southeast of the capital Hanoi. His son, Eric Trump, an executive vice president of The Trump Organization, and his wife Lara attended the event, as well as local partner the Kinhbac City Development Corporation (KBC). He has also been scouting locations for a potential tower project in Ho Chi Minh City, Vietnam's southern business hub. - AFP
Hindustan Times
a day ago
- Business
- Hindustan Times
Vietnam to sign agriculture deals with US worth $2 billion
Vietnam is expected to sign deals with the United States to buy more than $2 billion worth of agricultural products, Hanoi said Tuesday, as it tries to slash President Donald Trump's threatened 46 percent tariff. The announcement came as a delegation from the Ministry of Agriculture and Environment led by Minister Do Duc Duy visited the United States. Vietnam has the third-biggest trade surplus with the United States of any country after China and Mexico and is anxious to address the imbalance to head off the tariff threat. The deals announced Tuesday include five memorandums of understanding to buy products worth around $800 million from the state of Iowa over three years, the agriculture ministry said in a statement on its website. This is up from the current average of $44 million of agricultural exports per year from Iowa to Vietnam, the statement said. The new deals include the purchase of soybean meal, corn, wheat, dried soybeans and dried distillers grains , it added. Vietnam is due to head into a third round of trade talks with the United States in the coming days. Last month it said "positive progress" has been made following three days of discussions in Washington. The Vietnamese team sought help during its time in the United States from US tech and industry giants, including Lockheed Martin, SpaceX and Google. It also signed an agreement with US company Westinghouse Electric on nuclear power development. Trump's real estate group broke ground last month in Vietnam on a $1.5-billion luxury resort and golf course 40 kilometres southeast of the capital Hanoi. His son, Eric Trump, an executive vice president of The Trump Organization, and his wife Lara attended the event, as well as local partner the Kinhbac City Development Corporation . He has also been scouting locations for a potential tower project in Ho Chi Minh City, Vietnam's southern business hub. bur-aph/tc
