By Andi Anderson
Vietnamese firms are boosting U.S. agricultural trade by signing deals to purchase $2 billion worth of farm products, including $800 million in goods from Iowa.
These agreements were announced during a U.S. visit by 50 Vietnamese companies led by Agriculture Minister Do Duc Duy.
The Iowa portion includes five memorandums of understanding to acquire corn, wheat, dried distillers grains, and soybean meal over a three-year period. These deals reflect Vietnam’s ongoing efforts to strengthen trade relations with the U.S. and reduce its trade surplus.
The administration previously imposed 46% tariffs on Vietnamese exports, now paused until July. Vietnam’s recent trade efforts aim to prevent these tariffs from returning, which could significantly impact its export-based economy.
“Vietnam has pledged to allow more U.S. imports to narrow the trade gap between the two countries,” stated the agriculture ministry.
In 2023, Vietnam imported $3.4 billion in U.S. farm products while exporting $13.68 billion in its own agricultural goods to the U.S. The total trade imbalance reached $123 billion.
Vietnam is also working to purchase additional American-made goods such as airplanes and liquefied natural gas, while promising stronger enforcement on counterfeit products and digital piracy.
The latest agreements are a strategic move to strengthen economic ties with the U.S., enhance American farm exports, and support global trade cooperation.
Iowa’s farm sector is expected to benefit significantly from this long-term international partnership.
Photo Credit: gettyimages-eugenesergeev
Categories: Iowa, Business, Crops, Corn, Soybeans, Wheat, Government & Policy