5 days ago
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
