A raft of deals worth $3 billion was inked between Vietnamese enterprises and US partners

A high-profile Vietnamese agricultural delegation led by Minister of Agriculture and Environment Do Duc Duy concluded its June working visit to the United States. Throughout a packed agenda across Iowa, Ohio, Maryland, and Washington, Vietnamese businesses signed MoUs worth nearly $3 billion with US partners.

These agreements cover a wide range of agricultural commodities, including corn, soybeans, wheat, and meat products, reflecting Vietnam’s proactive approach to diversifying supply chains and advancing sustainable agricultural development according to the Ministry of Agriculture and Environment.

“This has been a highly productive mission. The results achieved, especially the signed agreements, surpassed expectations and affirm the strong will of Vietnamese enterprises to seek long-term, strategic partnerships with American counterparts” said Minister Duy.

The visit culminated in a business roundtable co-organised with the US-ASEAN Business Council (USABC) in Washington on June 6. There, eight new trade agreements worth a combined $1.1 billion were signed, reinforcing the growing confidence of both sides in agricultural cooperation.

Among them, the largest deal valued at $380 million was sealed between Vietnam’s Khai Anh Binh Thuan JSC and US giant Cargill. The MoU commits to importing 1.2 million tonnes of animal feed grain over the coming years.

“Today’s agreements speak volumes about the positive momentum in our bilateral partnership,” said Ted Osius, president and CEO of the USABC. “They underscore a strategic complementarity between our agricultural sectors and open promising avenues for technology transfer and sustainable investment.”

Further deals include partnerships between Thien But Company and food distributors Lamex and Niceland, RYL Food and Sea2Asia, and wood trade collaborations between the Handicraft and Wood Industry Association of Ho Chi Minh City and Kember Interiors.

Earlier agreements in Iowa alone reached $800 million, with Vietnam pledging to import grain and meat products from local producers over the next three years. Ohio followed with more than $600 million in contracts, while Maryland hosted MoUs worth $300 million.

Beyond trade deals, the mission created space for meaningful policy dialogue. In meetings with US lawmakers and local government officials, Minister Duy reaffirmed Vietnam’s commitment to a balanced and mutually beneficial trade relationship.

“The Vietnamese government places great importance on our comprehensive strategic partnership with the US and is determined to elevate bilateral ties to new heights,” he said.

The visit also reflected Vietnam’s growing focus on sustainability and green transformation in agriculture. Discussions with US partners included cooperation on smart farming technologies, circular agriculture models, and climate-resilient practices.

Betsy Struse, director of International Affairs at Cargill, emphasised the company’s long-standing presence in Vietnam since the early days of US-Vietnam diplomatic relations.

“We are proud to operate 12 production facilities with more than 1,500 local employees,” she said. “Beyond business, we are committed to social responsibility and have built over 120 schools in Vietnam to support future generations.”

She added that the US, as a net exporter, depends heavily on global markets, with 65 per cent of soybean, 30 per cent of corn, and 25 per cent of protein output sold overseas. “Cargill appreciates Vietnam’s efforts to open markets and pledges continued partnership for the benefit of both agricultural sectors.”

The mission also caught the attention of global financial institutions. Miguel Bates-Bingosa, vice president for International Relations at Citi Group, said that Citi celebrated its 30 years in Vietnam in 2024.

“In line with Citi’s global push for a circular economy, we’ve implemented initiatives in Vietnam to mitigate climate impacts. We see Vietnam as a key partner in developing verified carbon credit markets that both reduce emissions and improve rural livelihoods. As a financial intermediary, we stand ready to connect Vietnamese climate projects with international buyers,” Bates-Bingosa said.

Tech innovators are also eyeing Vietnam’s evolving agriculture-tech ecosystem. Alex Levy, CEO of AI-powered weather analytics firm Atmo, expressed enthusiasm about future cooperation with Vietnam’s national hydro-meteorological agencies.

“Atmo will travel to Hanoi to work directly with Deputy Minister of Agriculture and Environment Le Cong Thanh and relevant parties. We promote the idea of building joint technology innovation centres between Vietnam and US firms, and are ready to accompany Vietnam’s leading meteorological centres, aiming to provide weather forecasting services for disaster management,” he said.