Another step forward in Vietnam-US cooperation: $3 billion agreement

Minister of Agriculture and Environment Do Duc Duy led a delegation of nearly 50 agencies, businesses, and agricultural associations of Vietnam to work with the Department of Agriculture of Iowa State (USA). (Source: VNA)

An important step forward has just been established in the Vietnam-US trade relationship when Vietnamese enterprises signed 20 Memorandums of Understanding (MoUs) to import agricultural products from the US with a total estimated value of up to 3 billion USD.

The agreements were signed during a working trip by a delegation from the Vietnamese Ministry of Agriculture and Environment to the states of Iowa, Ohio, Maryland and the capital Washington from June 2-6.

The delegation led by Minister Do Duc Duy, including representatives from nearly 50 agencies, agricultural enterprises and associations, came to the US to promote two-way trade and open up new opportunities for Vietnam to import more US agricultural and wood products.

In addition, the delegation also sought opportunities to access new technologies to enhance the competitiveness of Vietnam's agricultural value chain.

The above MoUs demonstrate the strong commitment and goodwill of the Vietnamese business community and Government to promote balanced trade with the US. Businesses expect a trade agreement between the US and Vietnam to be signed soon, thereby reducing tariffs on agricultural products, strengthening shared supply chains and contributing to the prosperity of both countries under the framework of the Comprehensive Strategic Partnership.

According to USGC Chairwoman Verity Ulibarri, the two sides have had a long-standing relationship and the signing of this MoU further strengthens USGC's commitment to cooperating with Vietnam and facilitating agricultural trade.

“We know there is back and forth between the two countries and the current trade tariffs are increasing the cost of our products entering Vietnam,” said Verity Ulibarri. “We are working hard every day with the government and our representatives to ensure that we are heard and to facilitate as much as possible to improve our trade balance with Vietnam.”

At a meeting between the delegation and the US-ASEAN Business Council (USABC) on the afternoon of June 6 (local time), Mr. Ted Osius - President and CEO of USABC, expressed his support for Vietnam's agricultural development: "Rapid changes in US tariff policy have created a challenging trade environment. We are pleased that Vietnam is considering increasing imports of US agricultural products to help reduce the trade deficit with the US. USABC and its member companies will continue to support the development of Vietnam's food and agriculture industry."

According to Baoquocte.vn

Source: https://baoapbac.vn/kinh-te/202506/them-buoc-tien-trong-hop-tac-viet-my-thoa-thuan-3-ty-usd-1044728/