Vietnamese Businesses to Sign Deals to Import $2 Billion of US Farm Produce
The United States registered a trade deficit of $123 billion with Vietnam last year, and in April, Trump levied 46 percent tariffs on goods from the country.
Iowa's Secretary of Agriculture Mike Naig (C), flanked by his deputy Grant Menke (L) and president of Iowa Corn Promotion Board, Ralph Lents (R) at a meeting with a Vietnamese trade delegation in the Capitol in Des Moines, Iowa, on June 2, 2025. Courtesy of Iowa Department of Agriculture
Vietnamese businesses are set to sign memorandums of understanding (MOUs) to buy $2 billion worth of U.S. farm produce, the country’s state-owned news agency reported on Tuesday.
The Vietnam News Agency said a delegation of 50 Vietnamese companies, led by Agriculture Minister Do Duc Duy, is visiting the United States from June 1 to June 7.
The agency said the delegation met on Monday with officials from Iowa’s Department of Agriculture and Land Stewardship, including Agriculture Secretary Mike Naig and Deputy Secretary Grant Menke.
Memorandums of understanding were signed with Iowa companies totaling $800 million over three years, according to the agency. The agreements involve the export of Iowa corn, wheat, dried distillers grains, and soybean meal to Vietnam.
“We’re constantly working to expand our processing capacity, strengthen quality control, and promote sustainable agricultural development,” Duy said, according to the Vietnam Agriculture newspaper. “This opens opportunities for both sides to complement each other and jointly build stable, long-term agricultural value chains.”
Iowa’s Department of Agriculture confirmed the meeting in Des Moines in a post on social media platform X, saying the purpose was to sign MOUs.
The Iowa Corn Growers’ Association said five MOUs were signed.
President of the Iowa Corn Promotion Board Ralph Lents, said, “Vietnam is a strategic trading partner with the United States and is a top importer of DDGS [dried distillers grains with solubles].”
“This event showcased an increased commitment from Vietnam to purchase more agricultural products and reinforce the strong partnership between our countries. Iowa is the top corn-producing state, and we are happy to serve as host to our important trade partners,” he wrote on the association website.
The Vietnamese delegation is expected to visit Washington later this week to sign more MOUs.
The United States registered a trade deficit of $123 billion with Vietnam last year. In April, U.S. President Donald Trump announced a 46 percent reciprocal tariff on Vietnamese imports, which has been paused until July.
On April 4, Trump wrote in a post on social media platform Truth Social: “Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S. I thanked him on behalf of our Country, and said I look forward to a meeting in the near future.”
On the same day, Vietnamese Deputy Prime Minister Ho Duc Phoc’s office said in a statement that Vietnam would continue to push for more purchases coming from the United States.
According to the Office of the United States Trade Representative, Vietnamese exports to the United States rose to $136.6 billion in 2024, up 19.3 percent from the previous year.
In the same period, U.S. exports to Vietnam rose by 32.9 percent to $13.1 billion, leaving a deficit of $123 billion.
President Donald Trump holds up a chart of reciprocal tariffs in the Rose Garden at the White House in Washington on April 2, 2025. Chip Somodevilla/Getty Images
Last week, French President Emmanuel Macron visited Vietnam to sign trade contracts worth 9 billion euros ($10.25 billion).
France ruled Vietnam for more than 70 years until it was forced out in 1954, following a major defeat at Dien Bien Phu in northern Vietnam.
The United States became significantly involved in the conflict from the early 1960s until 1975, seeking to support South Vietnam against communist North Vietnam.
Eventually, after the fall of Saigon—now Ho Chi Minh City—on April 30, 1975, the country became a single nation, led by a communist regime.
Reuters contributed to this report.
Chris Summers
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Chris Summers is a UK-based journalist covering a wide range of national stories, with a particular interest in crime, policing and the law.