return icon Vietnamnet.vn

Vietnam commits to buy US$3 billion farm produce to balance trade with US

The import staples include cow, wheat, fruit, corn, soy, and animal feed which will be purchased in the next two to three years.

Vietnam has signed 18 agreements to buy farm produce worth US$3 billion from the United States in the next two to three years as part of its efforts to reduce the widening trade surplus with the latter.

 Vietnam will buy more US farm produce in next three years

 

 

The deals, which include purchases of 100,000 cows, tons of wheat, fruit, corn, soy, and animal feed, were signed in a recent visit to the US by the Vietnamese Ministry of Agriculture and Rural Development, Bloomberg has reported.

“We see a lot of room to increase purchases from America, and that will significantly help narrow our trade gap with the US,” said Nguyen Do Anh Tuan, the agriculture ministry’s spokesman, who was in the delegation to the US. “Our demand for American farming products is very high.”

“We will have regular meetings with these Vietnamese companies to give them timely support in implementing the signed MOUs,” Tuan said. “We also want to buy more high-tech equipment from the US to make more value-added farm products in the future.”

The US incurred a US$55.8 billion trade deficit with Vietnam for 2019 and US$39.5 billion for 2018, according to the US Census Bureau. US exports to Vietnam increased 12.39% while its imports from Vietnam rose 35.5%.

US Trade Representative Robert Lighthizer said last year that Vietnam needs to resolve “market access restrictions related to goods, services, agricultural products, and intellectual property.”

Vietnam is working to address Lighthizer’s concerns, Tuan said.

“We will work on changes in some relevant regulations to make it easier for American companies to sell more in Vietnam,” he said. “We are trying to create opportunities for businesses of the two countries to boost trade exchange in a fair manner. This will surely help the bilateral relations between Vietnam and the US.”

In an interview last year, Prime Minister Nguyen Xuan Phuc promised that Vietnam would buy more US products, such as Boeing Co. aircraft. In August, state-run Vietnam National Coal-Mineral Industries announced it was negotiating to buy US coal for the first time, from Xcoal Energy & Resources LLC. Hanoitimes

Linh Pham

The ‘farm produce rescue’ method

The ‘farm produce rescue’ method

Some retailers have reportedto the Ministry of Industry and Trade (MOIT) that there is no more farm produce to rescue. But farmers still complain that their farm produce remains unsalable.

Farm produce prices slump as Covid-19 hits exports

Farm produce prices slump as Covid-19 hits exports

The suspension of trade in seafood and agriculture products at some northern border gates with China as a measure against the novel coronavirus (Covid-19) has caused a demand-supply imbalance in the market.  

MORE NEWS

VIETNAM NEWS HEADLINES SEPTEMBER 29

Buckwheat Flower Festival returns to Ha Giang in November

Vietnam welcomes 1.87 million foreign visitors in nine months

Vietnam welcomed about 1.87 million international arrivals in the first nine months of this year, 16.4 times higher than the same period last year but much lower than that in the same time in 2019 before COVID-19 broke out.

Close to 123,000 sea turtles released back to sea

The Con Dao National Park in the southern province of Ba Ria-Vung Tau released 122,867 baby turtles into the ocean between January and September.

Vietnamese, Danish friendship blossoms over the years

Many foreigners have enjoyed diverse landscapes, authentic local food, endless love, eternal friendship, and a favourable investment environment in Vietnam.

China imports less glutinous rice from Vietnam

The proportion of glutinous rice in total rice exports to China has fallen from 74 percent to 48 percent.

Vietnamese artists to appear in Norwegian play

Several talented local artists from the Vietnam Youth Theater have been invited to perform in 'Hedda Gabler', a classic play which is considered to be one of the outstanding works of Norwegian writer Henrik Ibsen.

Minor improvements seen in the transparency of provincial budgets

The average ranking of budget transparency for localities in 2021 was 69.53 points out of 100, a rise of just 0.44 points compared to 2020.

Pianist Nguyen Dang Quang returns home for concert of classical music

Piano player Nguyen Dang Quang, son of composer Quoc Trung and renowned artist Thanh Lam, is a fresh and promising presence at the event.

VN central bank acts to tighten the Vietnamese dong liquidity

A recent money market report of Saigon Securities Incorporation (SSI) showed the SBV last week net withdrew a total of VND34.6 trillion through the OMO channel.

Vietnam needs to improve human resources in digital age: World Bank

To reach the goal of becoming a high-income country by 2045, Vietnam needs to quickly improve the quality and quantity of its human resources.

Vietnam’s GDP rises by 13.67% in third quarter: statistics office

Vietnam’s gross domestic product (GDP) grew by 13.67% in the third quarter, according to the General Statistics Office (GSO).

Ministry of Culture demands strict supervision of beauty contests

Culture, Sports, and Tourism Minister Nguyen Van Hung has signed a directive strengthening state supervision of a variety of cultural and artistic activities, including beauty pageants and modelling contests.

VIETNAM BUSINESS NEWS SEPTEMBER 29

Vietnam to become “new Asian tiger”: Italian journal

Vietnam to become the worlds chip production center

In the first eight months of this year, phones and electronic components have the most prominent export turnover in our country, reaching nearly 40 billion USD.

Currency stable amid fresh Fed hike

Despite the US Federal Reserve’s latest interest rate hike, the Vietnamese currency has seen only limited depreciation when compared to the currencies of its regional partners.
back_to_top