Agricultural trade between Vietnam and the US continued to thrive in 2020 despite COVID-19 and crop diseases in Vietnam (Illustrative photo: VNA) Vietnam’s purchase of wheat from the US surged about 140 percent to 144 million USD last year, while purchases of soybean and milk and dairy products rose 30 percent each, with value of 396 million USD and 173 million USD, respectively.
At a recent webinar on agricultural trade between Vietnam and the state of Nebraska, Deputy Minister of Agriculture and Rural Development (MARD) Le Quoc Doanh said Vietnam is undergoing agricultural restructuring towards boosting added value and sustainable development. Key export items include fisheries, wooden products, coffee, tea, and tropical fruit.
Nebraska is known for its high-quality farm produce, such as beef, pork, maize, soybeans, and wheat, he noted, stressing that the two countries’ products are therefore complementary and do not compete against each other.
Doanh affirmed that Vietnam offers numerous business and investment opportunities as the country and its 96 million people further integrate into the global economy. Vietnam is an open market with substantial demand for high-quality imports from the US in general and Nebraska in particular.
For his part, Nebraska Governor Pete Ricketts said Nebraska exported more than 14 million USD worth of beef, 6 million USD worth of corn gluten and 20.8 million USD worth of soybean residue to Vietnam in 2019.
Head of the International Cooperation Department Nguyen Do Anh Tuan noted that the two governments as well as their businesses have exerted every effort to promote and expand their farm produce markets.
The Vietnamese side is looking to capitalise on the Trade and Investment Framework Agreement (TIFA) and hopes that the US considers joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to further foster agricultural trade between the two countries in a sustainable and harmonious manner.
Vietnam and the US have maintained consistent supply chains and export-import of farm produce since the signing of memoranda of understanding during Doanh’s visit to the US two years ago, according to Nguyen Quoc Toan, director of MARD’s Agro Processing and Market Development Department.
Vietnam’s GDP grew 4.5 percent in the first quarter of this year while its agricultural sector grew 3.16 percent, demonstrating the country’s constant economic growth.
Of note, as the country has kept COVID-19 under control, Vietnam may become an ideal investment environment for US partners./.
VNA
