Vietnam plans to spend over $2 bln on US agri imports

Vietnam’s Ministry of Agriculture and Environment is expected to sign MoUs to purchase over $2 billion worth of U.S. agricultural, forestry, and fishery products.

These agreements will be signed during Minister of Agriculture and Environment Do Duc Duy’s working visit to the U.S. from June 1-7.

On Monday alone, in the state of Iowa, the two sides signed five MoUs worth a total of approximately $800 million. The deals mainly involve import of soybean meal, corn, wheat, and dried distillers grains (DDGS) over a three-year period.

Specifically, Khai Anh Binh Thuan JSC will import 1 million tons of soybean meal from Ag Processing Inc. (AGP) for $380-390 million and 900,000 tons of corn and wheat from United Grain for $250 million.

Vietnam-Japan Nutrition Technology JSC signed a contract with POET to purchase 200,000 tons of DDGS and soybean meal, valued at $60-70 million.

Several other companies also signed agreements to import soybeans, meat, fruit, and other agricultural products from Iowa.

In addition to trade, the two sides are expanding public-private partnerships. The Department of Livestock Production and Animal Health of Vietnam signed an MoU with the Iowa Pork Producers Association to enhance connectivity, organize technical workshops, and promote trade.

Iowa Secretary of Agriculture Mike Naig and Deputy Secretary Grant Menke affirmed their desire to deepen cooperation with Vietnam, particularly in the area of high-quality agricultural products.

In response, Minister Duy emphasized that Vietnam and the U.S. can complement each other within the agricultural value chain. Representatives from both sides acknowledged the strong potential for cooperation, especially given Vietnam’s strengths in tropical agricultural products and the U.S.'s leadership in temperate-zone agriculture.

Iowa, known as the “Heart of Agriculture” in the U.S., stands as the nation's leading corn producer with an annual output of 50 million tons. The state also excels in producing many other agricultural commodities like soybeans, wheat, pork, and beef.