Vietnam is preparing to finalise over $2 billion in agricultural purchase agreements with the United States, according to a government statement released Tuesday.
The announcement coincides with a visit by Minister Do Duc Duy and a delegation from the Ministry of Agriculture and Environment to the U.S., aimed at strengthening economic ties and easing trade tensions.
The move is part of Vietnam’s broader effort to reduce its significant trade surplus with the U.S.—the third largest after China and Mexico—and to avert a potential 46 percent tariff threatened by President Donald Trump.
As part of the new agreements, Vietnam plans to sign five memorandums of understanding (MOUs) to purchase around $800 million worth of agricultural goods from Iowa over the next three years. This marks a sharp increase from the current $44 million annual average of Iowa’s agricultural exports to Vietnam, the agriculture ministry said on its official website.
The upcoming deals include bulk purchases of corn, soybean meal, wheat, dried soybeans, and dried distillers grains (DDGS), signaling Vietnam’s intent to boost imports of key U.S. farm products.
Trade relations between the two nations are set to continue progressing, with a third round of negotiations expected in the coming days. Vietnam recently reported "positive progress" following three days of talks held in Washington last month.
During its U.S. visit, the Vietnamese delegation also sought support from leading American tech and industry firms, including Lockheed Martin, SpaceX, and Google. Additionally, Vietnam signed a nuclear power cooperation agreement with U.S.-based Westinghouse Electric, expanding the scope of bilateral economic collaboration.
Meanwhile, President Donald Trump's real estate interests in Vietnam continue to grow.
His company, The Trump Organization, recently broke ground on a $1.5-billion luxury resort and golf course located 40 kilometers southeast of Hanoi. The ceremony was attended by his son Eric Trump, Executive Vice President of the Trump Organization, and his wife Lara, alongside local partner Kinhbac City Development Corporation (KBC).
Trump’s business interests in the region may expand further, as he has reportedly been exploring potential sites for a new tower project in Ho Chi Minh City, Vietnam’s southern economic center.