During the meeting, Minister of Agriculture and Rural Development Do Duc Duy expressed his honor to lead a delegation consisting of representatives from the Ministry’s technical agencies, industry associations, and Vietnamese agricultural businesses to visit and work in the state of Iowa.
Minister Do Duc Duy emphasized that Vietnam continuously expands its processing capacity, quality control, and sustainable agricultural development. Thus, both sides can complement each other, jointly developing stable and long-term bilateral agricultural and forestry value chains and fisheries.
During the discussion session, both parties reviewed and assessed the status of agricultural trade cooperation between Vietnam and Iowa state, while sharing information, needs, and potential business cooperation opportunities. The discussion opened practical directions to boost the export of high-quality agricultural, forestry, and fishery products from Iowa to the Vietnamese market and vice versa.
Notably, the Vietnamese delegation accompanying Minister Do Duc Duy to the United States is expected to sign MoUs to purchase over 2 billion USD of US agricultural, forestry, and fishery products. Specifically, with Iowa, businesses and associations from both sides signed five MoUs totaling around 800 million USD, to be implemented over three years. This is a significant increase compared to Iowa’s average annual agricultural export of 44 million USD to Vietnam previously.
Specifically, Khai Anh Binh Thuan Company will import 1 million tons of dried soybeans, estimated at 380 – 390 million USD, from its partner Ag Processing Inc (AGP). The company has also agreed to purchase an additional 900,000 tons of corn and wheat from United Grain, valued at approximately 250 million USD.
Viet Nhat Nutrition Technology Joint Stock Company also signed contracts with POET Group to import 100,000 tons of dried distillers grains (DDGS) and 100,000 tons of dried soybeans, with a total value of 60 – 70 million USD.
The public-private partnership between the two countries has also been expanded under an MoU between the Department of Livestock Production and the Association of Pork Producers in Iowa. Accordingly, both sides are committed to strengthening trade relations, encouraging the linkage of Vietnamese and Iowa livestock farmers through organizing technical seminars, promotional events, and commercial connections.
Moreover, the discussion session facilitated the exchange between other Vietnamese and US businesses, creating new opportunities to enhance trade relations and boost the supply chain connections of Vietnamese agricultural, forestry, and fishery products with the United States. Through this, advanced US technology transfer to Vietnamese enterprises will be strengthened, aiming for the development of green, smart, sustainable agriculture.
“We believe today’s event will be the start of a deeper, more effective collaboration phase between the Vietnamese business community and Iowa, reflecting the goodwill of both sides to cultivate a comprehensive strategic partnership between Vietnam and the United States…,” emphasized the Minister of Agriculture and Rural Development, Do Duc Duy.
