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Thursday, June 20, 2024

U.S. investments in Vietnam agriculture remain modest

By Chinh Phong

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HCMC – Out of nearly US$12 billion pledged by U.S. companies in Vietnam, only US$149 million has been committed to agricultural projects, representing a mere 1.35% of the total.

According to the Department of International Cooperation under the Ministry of Agriculture and Rural Development, the U.S. ranks 11th out of 143 countries and territories that have invested in Vietnam, with 1,306 active projects valued at US$11.8 billion as of October this year.

However, Vietnam’s agricultural sector seems to have limited appeal for U.S. investors. By December 2022, U.S. businesses had had only 13 agricultural projects in Vietnam, with a total pledged capital of US$149 million.

The Ministry of Agriculture and Rural Development said that there is potential for both countries to enhance their investment cooperation in the agricultural sector, especially if they can effectively leverage their respective strengths and advantages.

Vietnam and the U.S. have successfully collaborated in the production of vaccines for African swine fever during the past time.

The U.S. is a critical trading and investment partner for Vietnam, with bilateral trade consistently growing over the years, surpassing US$100 billion in two consecutive years. For the U.S., Vietnam is the eighth-largest trading partner, with exports to the U.S. accounting for 30% of the country’s total exports.

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