Vietnam - US sign series of agricultural agreements worth 1.4 billion USD

A series of agreements and memorandums of understanding with a total value of 1.4 billion USD were signed after the working sessions of Minister of Agriculture and Environment Do Duc Duy in the US.

On June 5 (local time), Minister of Agriculture and Environment Do Duc Duy received Senator John Boozman, Chairman of the US Senate Committee on Agriculture, Nutrition and Forestry, and Congressman Glenn Thompson, Chairman of the US House Committee on Agriculture.

These are two prestigious officials with important voices in agricultural issues of the US Congress. During the working sessions, Minister Do Duc Duy informed the Senators and Representatives about the purpose and results of the Vietnamese delegation's visit to the US this time.

With the aim of learning, connecting and promoting bilateral agricultural trade opportunities, the working delegation of Minister Do Duc Duy with about 30 businesses came to the US with the expectation of further promoting the import of US agricultural products.

Minister of Agriculture and Environment Do Duc Duy and the delegation worked with Senator John Boozman.

As a result of the two forums, a series of agreements and memorandums of understanding were signed, with a total value of about 1.4 billion USD.

Minister Do Duc Duy informed that on the afternoon of June 6, a discussion between the Vietnamese delegation and the US-ASEAN Business Council is expected to take place in Washington DC.

Vietnamese agricultural associations and enterprises expect to sign more contracts to import agricultural products from US partners, with a total estimated value of about 1.1 billion USD. If realized, these agreements will increase the total value of agricultural goods traded between the two countries to about 2.5 billion USD within the next 3 years.

“This is a trade result beyond expectations, demonstrating the strong commitment and determination of the Government , the Ministry of Agriculture and Environment, as well as the Vietnamese business community in expanding the import of goods from the US, especially agricultural products, thereby contributing to creating a more balanced and harmonious bilateral trade balance,” said Minister Do Duc Duy.

Both the Chairmen of the US Senate and House Agriculture Committees expressed their excitement and optimism about the outstanding results from the Vietnamese delegation's working trip to Iowa, Ohio and the upcoming important discussion in Washington DC.

Minister Do Duc Duy and the delegation worked with Congressman Glenn Thompson.

Senator John Boozman emphasized Vietnam's role as a reliable and dynamic economic partner in the Asia-Pacific region. He expressed his support for the two countries to reach a fair tariff agreement and said he would fully convey Vietnam's recommendations to relevant US agencies.

For his part, Congressman Glenn Thompson paid special attention to the high-value agricultural contracts reached during recent meetings.

Both expressed strong support for enhancing comprehensive cooperation in the agricultural sector, not only between state management agencies but also between institutes and academic communities of the two countries.

Minister Do Duc Duy commented that Vietnam and the US both have strengths in agriculture, but are not direct competitors. On the contrary, the two countries can become partners supporting each other to develop together. He highly appreciated the development level and outstanding innovation speed of the US agricultural sector, with productivity and quality of agricultural products ranked among the most prestigious in the world.

Minister Do Duc Duy and the delegation worked with Congressman Glenn Thompson.

"Vietnam's agriculture has only recently made strong progress, so it is very necessary to access high-quality input materials, especially crop and livestock varieties with outstanding productivity," said the Minister.

In fact, the demand for agricultural imports from Vietnam is on the rise. The growth rate of bilateral agricultural trade has been maintained at a steady rate of over 10% per year over the past decade. This figure demonstrates the sustainable demand and effective synergy between the two agricultural sectors.

In the context of a volatile world, agricultural cooperation between Vietnam and the US is increasingly strategic, not only for the two countries, but also contributes to ensuring the stability of the global food supply chain.

In recent times, the Ministry of Agriculture and Environment has created favorable conditions for US producers to penetrate the Vietnamese market. Vietnam has completed registration procedures for 509 enterprises producing meat and meat products and 232 enterprises exporting seafood to Vietnam.

Notably, Vietnam is also one of the first eight Asian countries to accept biotech crop varieties, and has so far approved all 61 applications from US companies. From April 1, 2025, Vietnam has reduced tariffs to 0% on most US corn and soybean products.

At the meetings, Vietnamese agricultural product importers participating in the working trip with Minister Do Duc Duy all expressed their hopes for a bright future of trade cooperation, towards a stable, sustainable and healthy relationship.

Businesses hope that the two sides will soon sign trade agreements with appropriate tariff policies, taking into account Vietnam's characteristics as a developing country with limited income.

PHAM DUY

Source: https://vtcnews.vn/viet-nam-my-ky-ket-loat-thoa-thuan-nong-san-tri-gia-1-4-ty-usd-ar947453.html