Over 50 Vietnamese Businesses Head to the US to Boost Trade: Vietnam Expected to Sign MOUs Worth Over $2 Billion for US Goods

On June 2nd, the Ministry of Agriculture and Environment’s delegation, led by Minister Do Duc Duy, commenced its work in Iowa, the first stop in the US. The Vietnamese delegation was received and worked with the Iowa Department of Agriculture, represented by Minister Mike Naig and Deputy Minister Grant Menke.

According to Minister Do Duc Duy, Vietnam and the US are both agricultural powerhouses with complementary strengths, rather than direct competitors.

“The most important aspect is that with the involvement of both governments, the agricultural sectors of Vietnam and the US are becoming increasingly interconnected, sharing a common supply chain, thereby enhancing competitiveness and supporting the interests of producers and consumers in each country,” the Minister emphasized.

It is known that this working trip aims to promote trade cooperation in agricultural, forestry, and aquatic products between Vietnam and the US, especially with the state of Iowa. The delegation was received and worked with the Iowa Department of Agriculture, represented by Minister Mike Naig and Deputy Minister Grant Menke.

With its long agricultural tradition, Iowa is renowned as America’s leading corn producer, yielding approximately 50 million tons of corn annually. The state also produces various other cereals such as barley, wheat, and fruits. In contrast, Vietnam has emerged as one of the world’s leading agricultural exporters, positively contributing to global food security.

“We continuously expand our processing capacity, quality control, and sustainable agricultural development. Therefore, there is a great potential for mutual supplementation and the joint development of bilateral, stable, and long-term agricultural value chains,” affirmed the head of the Vietnamese delegation.

During the meeting, the two departments jointly assessed the current state of agricultural trade cooperation between Vietnam and Iowa, exchanged information on demands and potential, and discussed business cooperation possibilities. The discussion paved a practical path forward, promoting the export of high-quality agricultural, forestry, and aquatic products from Iowa to Vietnam and vice versa.

Vietnam is expected to sign MoUs to purchase over $2 billion worth of US agricultural, forestry, and aquatic products.

Notably, the Vietnamese delegation accompanying Minister Do Duc Duy to the US is expected to sign MoUs to purchase over $2 billion worth of US agricultural, forestry, and aquatic products. Specifically, with Iowa, Vietnamese businesses and associations have signed five MoUs valued at approximately $800 million to be implemented over three years. This marks a significant increase compared to Iowa’s previous average annual agricultural exports to Vietnam of $44 million.

Specifically, Khai Anh Binh Thuan Company will import one million tons of soybean meal worth an estimated $380-390 million from Ag Processing Inc (AGP). The company has also agreed to purchase an additional 900,000 tons of corn and wheat from United Grain, valued at approximately $250 million.

Vietnam Nutrition Technology Joint Stock Company has signed a contract with POET Group to import 100,000 tons of dried distillers’ grains (DDGS) and 100,000 tons of soybean meal, with a total value of $60-70 million.

The public-private partnership between the two countries was also expanded through an MoU between the Department of Livestock and Veterinary (Ministry of Agriculture and Environment) and the Iowa Pork Producers Association. Accordingly, both parties committed to strengthening trade relations and encouraging linkages between Vietnamese and Iowa pig farmers through technical workshops, promotional events, and trade connections.

Moreover, several other Vietnamese enterprises signed agreements to import soybean, meat, fruit, and other agricultural products from partners in Iowa, valued at hundreds of millions of dollars, indicating positive signals for bilateral trade.

Minister Do Duc Duy expressed his confidence that this event marks the beginning of a deeper and more effective cooperation phase between the business communities of Vietnam and Iowa, demonstrating the goodwill of both parties in fostering the comprehensive strategic partnership between Vietnam and the United States.