The country has excellent growth potential thanks to being the world’s sixth largest pork producer and fourth largest aquaculture producer, according to a report by the U.S. Soybean Export Council.
Vietnam’s growing middle class also drives demand for soy foods, it added.
“Vietnam’s trade-friendly policies, modernized feed sectors and new crush facilities create even more market opportunities for U.S. soy exports to support livestock, aquaculture and soybean oil production.”
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A farmer holds soybeans in Nebraska, the U.S. on May 5, 2019. Photo by AFP |
Last week the Ministry of Agriculture and Environment signed a series of deals with the U.S. Soybean Export Council to buy US$1.4 billion worth of soybeans, corn, wheat, meat, distiller’s dried grains, and timber.
Timothy Loh, the council’s regional director for Southeast Asia, highlighted the complementary nature of the U.S. and Vietnamese agricultural sectors.
“Vietnam imports U.S. soybeans to produce aquaculture feed and exports seafood back to the U.S.”
He added that the two countries have formed a shared supply chain, benefiting both.
Nguyen Do Anh Tuan, director of the Ministry of Agriculture and Environment’s international cooperation department, said the U.S. excels in growing corn, soybeans and wheat, while Vietnam leads in tropical products such as coffee, cashew, rubber, and fruits.
“Two-way agricultural exports have grown steadily at 10% during the past decade.”
Earlier this month Minister of Agriculture and Environment Do Duc Duy led a delegation from nearly 50 agencies, businesses and agricultural associations to the U.S. to discuss balanced and sustainable trade.
The visitors held meetings in Iowa, Ohio, Maryland, and Washington, D.C., resulting in the signing of 20 memoranda of understanding for agricultural purchases worth $3 billion, including soybean.
