Sign in Subscribe
Cabinet officials

Vietnam and US Strengthen Agricultural Cooperation

Strategic Insights

— 1 min read

Vietnamese Deputy Minister of Agriculture and Rural Development Le Quoc Doanh met with US partners to boost trade ties based on reciprocity of farm produce during a working trip to the US by President Nguyen Xuan Phuc and a high-ranking delegation of Vietnam from September 21-25. The two sides discussed potential trade cooperation, with the US opening up its market to certain tropical fruits and recognizing Vietnam's Pangasius Food Safety Control System. Meanwhile, Vietnam has imported fruits from the US, such as apples and grapes, and certified US meat and seafood exporters.

Key Takeaways:

  • Vietnam and the US have worked hard to implement the action plan of their Trade and Investment Framework Agreement (TIFA) to open up the market and facilitate bilateral trade cooperation over the past three years.
  • The US has opened up its market to certain tropical fruits from Vietnam, including pomelo and passion fruit, which are expected to be considered in the near future.
  • Vietnam has imported fruits from the US, such as apples, grapes, and pears, and has also certified US meat and seafood exporters.
  • The two countries have signed 18 memoranda of understanding since February 2020, covering areas such as agricultural product exports and imports.
  • Agricultural cooperation between Vietnam and the US was valued at 8 billion USD in 2017, growing to 12.8 billion USD in 2022, a 60% increase over the past three years.

Statistics:

  • Bilateral agricultural cooperation was valued at 8 billion USD in 2017.
  • The value of agricultural cooperation jumped to 12.8 billion USD in 2022, a growth rate of 60% over the past three years.
  • During the first eight months of 2023, agricultural cooperation reached 10.9 billion USD, up 41.5% year-on-year despite the impacts of the COVID-19 pandemic.

Sources:

  • Vietnam News Agency (no author)
  • HT Digital Content Services (no author)
  • Vietnam Ministry of Agriculture and Rural Development
  • US International Trade Commission (USITC)
  • US Trade Representative (US TR)
  • US Department of Agriculture (USDA)
  • US Grains Council (USGC)

Read more