Vietnam signs MoUs worth nearly $3bn to import US agricultural products

The Ministry of Agriculture and Environment reported on Sunday that Minister Duy led a business trip to the U.S. from June 2 to 6.

The delegation concluded the mission with fruitful results in exploring trade promotion and import opportunities for U.S. agro-forestry-fishery products.

During working sessions and discussions in the states of Iowa, Ohio, Maryland, and Washington D.C., the Vietnamese delegation finalized several agricultural trade agreements.

Notably, at a roundtable conference on Friday with major corporations under the U.S.-ASEAN Business Council, eight MoUs were signed, with a total value of $1.1 billion.

The largest of these was between Khai Anh Binh Thuan Joint Stock Company and Cargill, valued at $380 million. 

The agreement includes a commitment to import 1.2 million metric tons of feed grains—corn, wheat, and soybean meal—from the U.S..

The remaining seven agreements involved partnerships between Thien But Company and Lamex Food Group; Thien But and Niceland Foods; RYL Food JSC and Sea2Asia; IMEX CDC JSC and Niceland Foods; IMEX CDC and Intervision Foods; Ho Chi Minh City Handicraft and Wood Industry Association and Kember Interiors; and Northeast Timber and Lumber LLP and Vitana Co. Ltd..

Earlier on the same day in Maryland, technical departments under the Ministry of Agriculture and Environment witnessed the signing of deals worth about $300 million for the import of U.S. agricultural products and meat.

On June 2 in Iowa, Vietnamese agricultural businesses signed four agreements totaling $800 million to import corn, soybeans, and meat products.

Two days later, the delegation continued to sign contracts worth over $600 million for additional imports of corn, corn by-products, and soybeans from Ohio.

During the trip, U.S. businesses shared initiatives and ideas for collaboration with Vietnam, particularly in technology transfer and green production.

Miguel Bates-Bingosa, vice-president of international government affairs at Citi Group, a major American multinational investment bank and financial services corporation, expressed his interest in supporting Vietnam’s climate finance market by providing carbon credits.

Alex Levy, CEO of Atmo, a San Francisco-based AI meteorology company, also voiced hope for collaboration with the Ministry of Agriculture and Environment to apply AI to improving Vietnam’s capacity to forecast and respond to extreme weather.

Minister Duy said that the trip yielded four significant achievements.

First, the MoUs worth nearly $3 billion demonstrated Vietnamese agribusinesses’ proactive efforts and determination in seeking international partners.

Second, forums and engagements in the U.S. opened up market access and investment opportunities for businesses from both countries.

Third, the delegation explored avenues for technological cooperation, including advanced agricultural practices and sustainable, circular, and eco-friendly farming models.

Lastly, through meetings with U.S. lawmakers, state officials, businesses, and communities, Vietnam reaffirmed its national commitment to boosting agricultural trade and balancing the bilateral trade relationship.

“The Vietnamese government places great importance on the comprehensive strategic partnership with the U.S. and remains committed to strengthening this relationship to new heights,” Duy emphasized.