Washington D.C. (VNA) – A major step has just been made in Vietnam–US trade relations, as Vietnamese businesses signed 20 memoranda 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 as part of a working visit by a delegation from Vietnam’s Ministry of Agriculture and Environment to the states of Iowa, Ohio, and Maryland, and Washington D.C., from June 2 to 6.
The delegation, led by Minister Do Duc Duy, included representatives from nearly 50 Vietnamese agencies, agricultural businesses, and associations. The visit aimed to boost two-way trade and open up new opportunities for Vietnam to increase imports of US agricultural and wood products. In addition, the delegation sought access to new technologies to enhance the competitiveness of Vietnam’s agricultural value chain.
The signed MoUs reflect a strong commitment and goodwill from both the Vietnamese business community and government to promote balanced trade with the US.
Businesses are hopeful that a trade agreement between the two countries will soon be reached, helping lower tariffs on agricultural products and consolidate shared supply chains, while contributing to the prosperity of both countries under the framework of the Comprehensive Strategic Partnership.
As part of the visit, the Vietnamese ministry also signed an MoU with the US Grains Council (USGC).
According to USGC Chairwoman Verity Ulibarri, the two sides have enjoyed a long-standing relationship, and the signing of this MoU further reinforces the council’s commitment to working with Vietnam and facilitating agricultural trade.
At a roundtable between the delegation and the US-ASEAN Business Council (USABC) on June 6, USABC President and CEO Ted Osius expressed strong support for Vietnam’s agricultural development.
Rapid changes in US tariff policies have created a challenging trade environment, he said, expressing his appreciation that Vietnam is considering increasing imports of US agricultural products as a way to help narrow the trade deficit with the US.
He pledged that the USABC and its member companies will continue to support the growth of Vietnam’s food and agriculture sector.
In response, Duy affirmed the Vietnamese Government’s strong commitment to continuing institutional reforms, improving administrative efficiency, upgrading infrastructure, and creating the most favourable conditions for foreign businesses, including US companies, to expand their investment and operation in Vietnam in a long-term and effective manner.
In an interview on the sidelines of the roundtable, Ted Osius emphasised that the signed MoUs represent not only good business, but also good politics, as many of the exports will come from rural US states such as Ohio and Iowa, both of which had just signed major agreements.
According to Minister Duy, through forums and meetings, the delegation has clearly demonstrated to US government officials, state authorities, the business community, and the American public that Vietnam places great importance on its Comprehensive Strategic Partnership with the US.
Trade and investment are key pillars of this relationship, and Vietnam remains committed to further strengthening the partnership, aiming to elevate it to a new level in the current period and in the years ahead, he said./.
