Vietnamese firms are set to sign Memoranda of Understanding (MoUs) with U.S. partners to purchase $2 billion worth of American agricultural products, Vietnam’s Ministry of Agriculture announced on Tuesday.
The agreements are part of broader efforts to strengthen trade ties and secure a new bilateral trade deal.
The deals come amid trade tensions that saw the Trump administration impose a 46 per cent reciprocal tariff on Vietnamese goods as a measure currently paused until July.
If enforced, these tariffs could significantly impact Vietnam’s export-driven economy, particularly its vital trade relationship with the United States, its largest export market.
The agreements will be formalised during a visit to the U.S. by a delegation of 50 Vietnamese companies, led by Agriculture Minister Do Duc Duy. Notably, five of the MoUs will focus on purchasing $800 million worth of farm products from Iowa over three years. These products include corn, wheat, dried distillers’ grains, and soybean meal.
The United States recorded a $123 billion trade deficit with Vietnam in 2024. To address this imbalance, Vietnam has committed to increasing imports of American goods as part of ongoing trade negotiations. In 2024, Vietnam imported $3.4 billion in U.S. farm goods while exporting $13.68 billion worth of its agricultural products to the U.S., according to the Vietnam News Agency.
Beyond agriculture, Vietnam has pledged to buy additional U.S. products, including Boeing aircraft and liquefied natural gas. The country has also agreed to enhance enforcement against counterfeit goods and digital piracy following U.S. criticism of its role as a hub for such activities.
