Vietnam is one of the top markets in Southeast Asia with tremendous growth potential. The U.S. Soybean Export Council (USSEC) has been serving this market, providing trade and technical since 1995. We remain committed to investing resources to facilitate the expansion of its food, feed and livestock industry as a partner in the journey toward a sustainable future.
The Vietnam and U.S. Agri-Business Dialogue, organized by Vietnam’s Ministry of Agriculture and Rural Development (MARD) earlier this year, took place in Washington D.C. on the side-line of the ASEAN-US Special Summit. Four cooperation agreements were signed at the event, including a MoU between Nevist and AGP on trade and investment promotion in the agricultural sector.
Vietnam Minister of Agriculture and Rural Development Le Minh Hoan and Marc Mealy, Senior Vice President for Policy at the US-ASEAN Business Council (USABC), co-chaired the event, which was attended by representatives from agencies, businesses and associations in the agricultural sector of the two countries; banks and investment funds; representatives from USSEC and other U.S. agricultural associations; and multinational agricultural corporations.
The event aimed to update U.S. and Vietnam agribusinesses on the latest development of Vietnam's agriculture, as well as government policies and incentives to attract foreign investment in agriculture and provide opportunities for companies to network and establish cooperation and partnerships.
At the seminar, Minister Le Minh Hoan said the U.S. had become the leading import partner of Vietnam's agro-forestry-fishery products and urged the two countries' businesses to build a reliable, stable and long-term partnership in the context of world fluctuations.
The MARD also shared Vietnam’s Strategy for Sustainable Agriculture and Rural Development to 2030 and a vision for 2050, which the Prime Minister approved on January 28, 2022.
"Eco-agriculture, modern countryside, innovative farmers" are the three pillars of this strategy. To achieve this, Vietnam's agriculture must transition from output-driven to economic thinking; build multi-integrated values of agro-forestry-fishery products; link value chains of farming households with local enterprises and global corporations; create industry clusters; develop the systems of storage, preservation, processing, logistics and distribution; enhance innovation, digitalisation and green transformation in agriculture.
To implement this strategy, it is crucial to build a reliable partnership between the agribusinesses of the two countries. Vietnam and the U.S. are two countries with strengths in agriculture.
Ms Tran My Hanh, USSEC In-country Representative for Vietnam, shared that the Vietnam and U.S. Agri-Business Dialogue confirmed that U.S. Soy with SSAP is in line with the Strategy for Sustainable Agriculture and Rural Development of Vietnam.
Vietnam is a dynamic emerging country in Southeast Asia with a young population, stable political system, and commitment to sustainable growth. In 2021, Vietnam imported more than 2 million metric tons U.S. Soy and its products, and commands a 77.7% market share in whole beans used mainly for food, feed and oil crushing.
Partially funded by U.S. soybean farmers, their checkoff and the soy value chain.