MAE to accelerate negotiations on trade agreements with the U.S

Positive signals

As part of the working visit to the U.S, a 50-member Vietnamese delegation led by Minister of Agriculture and Environment Do Duc Duy had a productive working session in the state of Iowa on June 2.

During the visit, Vietnamese enterprises signed four Memorandums of Understanding (MoUs), with total commitments to import agricultural products from U.S. companies valued at up to USD 800 million. Additionally, the Department of Livestock Production and Animal Health established a dialogue channel with the Iowa Pork Producers Association (IPPA), fostering public-private cooperation between the two entities.

This working trip comes at a time when both governments are actively promoting negotiations aimed at soon concluding a reciprocal trade agreement between Vietnam and the U.S. 

Speaking at the event, Minister Do Duc Duy emphasized: “We wish to sign agreements with balanced and mutually beneficial terms. This is a great opportunity to elevate bilateral agricultural trade cooperation.”

On the first day of working in the U.S., the delegation achieved tangible results with the Iowa state government. Minister Do Duc Duy expressed hope that this trip would expand opportunities for Vietnamese businesses to sign additional import agreements for U.S. agricultural products.

This is a crucial step toward fostering a more balanced agricultural trade relationship between the two countries, while also facilitating the negotiation process for a future reciprocal trade agreement.

Minister Do Duc Duy affirmed that the Vietnamese Government always attaches great importance to, and continuously strives to promote, the Comprehensive Strategic Partnership with the U.S across all fields. Among them, agriculture is considered a key economic pillar with broad impacts on businesses, producers, and consumers in both countries.

Through various forums, the Ministry of Agriculture and Environment (MAE) aims to provide clear and comprehensive information on Vietnam’s agricultural development orientations. This helps U.S. businesses identify investment opportunities and enter the Vietnamese market.

The next objective is to strengthen cooperation with the U.S. federal government, state governments, and the business community to develop Vietnam’s agriculture in an ecological, smart, circular, and sustainable manner.

Iowa's Department of Agriculture to visit Vietnam

Mr. Mike Naig, Iowa Secretary of Agriculture, expressed his honor in welcoming a large delegation from Vietnam led by MAE's Minister. 

“What’s particularly notable is Vietnam’s strong commitment to purchasing agricultural products, ranging from dried distillers grains, corn, and soybeans to ethanol. This is not just about new business deals, but also about deepening relationships between companies and organizations. We greatly appreciate that,” Mr. Naig said.

The Iowa Secretary of Agriculture expressed his hope that both sides would actively share information, promote technological innovation, and drive the growth of the agricultural sector. Through such efforts, valuable experiences and innovative initiatives can be shared, thereby contributing to addressing global challenges.

He shared that he first visited Vietnam in March 2023 as part of a U.S. trade delegation. This fall, Iowa's Department of Agriculture will return to Vietnam, accompanied by a group of Iowa-based agribusiness and farmers.

“Promoting trade is how we continue to learn about each other and collaborate more deeply. I truly believe this is a great opportunity to expand business partnerships between Vietnam and Iowa,” the Secretary affirmed.

Following the forum in Iowa, on June 5 (Vietnam time), Minister Do Duc Duy and the delegation will continue their visit with their next destination at Ohio University.

Potential for trade cooperation

Since Vietnam and the U.S established a Comprehensive Strategic Partnership in October 2023, new opportunities have opened up for trade and investment development between the two countries, including two-way agricultural trade.

Both the U.S. and Vietnam are agricultural powerhouses with strengths in producing and exporting agricultural, forestry, and fishery products. However, instead of directly competing, their agricultural sectors complement each other. With strong support from both governments, agricultural cooperation between Vietnam and the U.S has become increasingly close, with both sides sharing supply chains. This collaboration helps enhance competitiveness and delivers tangible benefits to producers, processing businesses, importers and exporters, as well as consumers in both countries. Over the past decade, two-way agricultural trade has grown at an average annual rate of 10%.

The U.S is Vietnam’s largest agricultural export market. Conversely, Vietnam ranks among the top 10 importers of U.S. agricultural products. In 2024, Vietnam’s agricultural exports to the U.S. reached a record high of USD 13.68 billion, while imports from the U.S. stood at USD 3.4 billion. These figures highlight the enormous potential for two-way agricultural trade cooperation between Vietnam and the U.S.