Vietnam signs deals to import nearly $3 bln worth of US agricultural products

Vietnamese businesses accompanying Minister of Agriculture and Environment Do Duc Duy on a six-day visit to the U.S. signed multiple agreements to import nearly $3 billion worth of American agricultural products, expanding bilateral cooperation in the agricultural sector.

At a roundtable with the U.S.-ASEAN Business Council (USABC) in Washington D.C on Friday (local time), eight deals totaling $1.1 billion were inked, including commitments to import corn, wheat, soybean meal, processed foods, and timber.

Combined with MoUs signed earlier in Iowa, Ohio, and Maryland, Vietnam’s total value of agricultural import from the U.S. reached nearly $3 billion.

The largest agreement on Friday, worth $380 million, was between Vietnam’s Khai Anh Binh Thuan JSC and Cargill, under which the former is committed to importing 1.2 million tons of U.S. grain.

The other seven agreements involved Vietnamese companies such as Thien But, Niceland Foods, RYL Food, Sea2Asia, IMEX CDC, HAWA, and Vitana, with American partners including Lamex, Intervision Foods, and Kember Interiors.

At the first stop of the Vietnamese trade mission, in the state of Iowa on Monday, Vietnamese agricultural enterprises signed four agreements worth up to $800 million to import agricultural products such as corn, soybeans, and meat from Iowa over the next three years.

Ohio was the next stop for the delegation where Vietnamese businesses inked contracts worth over $600 million to import additional products such as corn, corn gluten meal, and soybeans from the state.

During a brief working session in Maryland on Friday, agreements worth approximately $300 million were signed for the import of agricultural products and meat from the U.S.

Ted Osius, president of USABC, praised the signing of agreements throughout the trip from June 1-6 as a clear testament to the positive partnership between the two nations, while also opening the door to promising cooperation between their complementary agricultural sectors.

Within the framework of the signing ceremony, Minister Do Duc Duy discussed with USABC about cooperation to realize Vietnam's net zero goal. US businesses exchanged initiatives, ideas and expectations for cooperation with Vietnam in technology transfer and green production.

Cargill, a leading animal feed maker, stated that it operates plants in 12 provinces and cities in Vietnam, employs over 1,500 people, and has funded the construction of 120 schools.

Citi Group spoke about its commitment to supporting Vietnam in developing a carbon credit market to reduce emissions and improve livelihoods. Meanwhile, Atmo expressed a desire to use AI to help Vietnam forecast extreme weather events.

Following the meeting, Atmo representatives will travel to Hanoi to meet with Deputy Minister Le Cong Thanh and the National Center for Hydro-Meteorological Forecasting. CEO Alex Levy affirmed the company’s readiness to cooperate with Vietnam in building a technological innovation center for meteorology to support disaster management efforts.