HCMC — Vietnamese companies have signed 20 memoranda of understanding (MOU) to import farm produce from the U.S., with a total estimated value of up to US$3 billion, the Ministry of Agriculture and Environment said.
The agreements were signed during a working trip by a Vietnamese delegation to the U.S. from June 2 to 6. The delegation, led by Minister Do Duc Duy, visited Iowa, Ohio, Maryland, and Washington, D.C., aiming to boost trade and explore new import opportunities.
The delegation included representatives from nearly 50 government agencies, agricultural businesses, and industry associations. Besides trade promotion, the delegation sought to access new technologies to improve the competitiveness of Vietnam’s agricultural sector.
The signed MOUs reflect Vietnam’s commitment to fostering balanced trade with the U.S. Vietnamese businesses expect a future trade agreement to reduce tariffs on farm produce and strengthen supply chains under the comprehensive strategic partnership between the two countries.
During the trip, the ministry also signed an MOU with the U.S. Grains Council (USGC). Verity Ulibarri, chairwoman of the USGC, said the agreement reaffirmed the council’s commitment to enhancing agricultural trade with Vietnam.
Ulibarri noted that high tariffs have raised costs for U.S. agricultural exports to Vietnam. She said the council is working with officials to improve trade.
At a meeting with the U.S.-ASEAN Business Council (USABC), USABC President and CEO Ted Osius welcomed Vietnam’s efforts to boost imports of U.S. agricultural products. He said a rise in imports could help narrow the U.S. trade deficit and support Vietnam’s agricultural development.
Minister Duy reaffirmed Vietnam’s commitment to reforming institutions, improving administrative procedures, and upgrading infrastructure to facilitate foreign investment, including from U.S. businesses.
The MOUs could benefit U.S. rural states like Ohio and Iowa, which rely on agricultural exports, Osius was quoted by the Vietnam News Agency as saying. He added that the deals could draw attention from key policymakers in Washington as Vietnam seeks to address trade imbalances.
Minister Duy said the trip was successful, highlighting that the delegation conveyed Vietnam’s commitment to strengthening its comprehensive strategic partnership with the U.S., with trade and investment as key pillars.
