00:00Over in Vietnam, the Agriculture Ministry says local firms will sign memorandums of understandings with U.S. partners to purchase $2 billion worth of American farm products.
00:12This is part of their ongoing efforts to secure a new trade deal between the two countries.
00:17The new deals, signed during a U.S. visit by a delegation of 50 Vietnamese companies, led by Agriculture Minister Du Duc Duy, among them are five MOUs for US$800 million in purchases over three years from Iowa, including corn, wheat, dried distillers' grains and soybean meal.
00:38The move comes as Vietnam tries to ease trade tensions after being slapped with a 46% tariff by the Trump administration, currently paused until July.
00:48Both sides are now in negotiations, with Vietnam pledging to increase U.S. imports to help narrow the trade gap.
00:54The U.S. recorded a US$123 billion trade deficit with Vietnam last year.
01:00Last year, Vietnam imported US$3.4 billion worth of U.S. farm produced and exported US$13.68 billion of its own to the U.S., according to Vietnam News Agency.
01:13Vietnam has also committed to buying other U.S. goods, such as Boeing aircraft and liquefied natural gas.
01:19Other than that, it has also promised to curb counterfeit goods and digital piracy after U.S. accused the country of being a major hub for these illegal activities.
01:30The U.S. fields are also committed to that development of U.S. economy.
01:32Russia, USA, This is the following year.
01:33International
Comments