Iowa and Ohio, United States – U.S. Soy was included in a series of Memoranda of Understanding (MoUs) signed with Vietnam during a trade mission co-sponsored by USSEC and led by Do Duc Duy, Vietnam’s Minister of Agriculture and Environment. Tran My Hanh, USSEC Country Representative for Vietnam, joined the delegation, which entered into agreements to purchase more than $1.4 billion in U.S. agricultural products, including soybeans, corn, wheat, meat, distiller’s dried grains with solubles (DDGS) and timber.
In 2025, U.S. Soy celebrates 30 years of collaborating with Vietnam, which is the third-largest market for U.S. Soy in Southeast Asia, having imported 1.44 million metric tons in marketing year 2023/24. The country’s pork and aquaculture sectors—the world’s sixth largest and fourth largest respectively—provide excellent growth potential, and its growing middle class drives demand for soy foods. Vietnam’s trade-friendly policies, modernized feed sectors and new crush facilities create even more market opportunities for U.S. Soy exports to support livestock, aquaculture and soybean oil production.
These MoUs signify our countries’ shared commitment to expanding mutually beneficial trade and mark a substantial increase in projected U.S. agricultural exports to Vietnam.
In Iowa, five MoUs totaled $800 million, significantly higher than the previous average of $44 million for annual agricultural exports from Iowa to Vietnam. Over a three-year period, Vietnamese companies will import soybean meal, corn, wheat and DDGS from Iowa. U.S. Soy farmers Randy Miller, Iowa Soybean Association, American Soybean Association and USSEC Director; and Tim Bardole, USSEC Director, joined the delegation supporting the MoU.
Notably, several USSEC members and soy value chain partners were among those who signed MoUs. An agreement to import 1 million tons of soybean meal worth approximately $400 million from Ag Processing Inc. (AGP) was signed by Craig Pietig, AGP Vice President of Ag Products and USSEC Treasurer. SB&B Foods signed an MoU with Nevist International Export Import for up to 2,000 metric tons of soybeans, and POET signed an MoU with Viet Nhat Feed for soybean meal, as well as technical and trade assistance.
The delegation also visited Ohio, where additional MoUs for animal feed ingredients, wood, fruit and meat added approximately $600 million to future U.S. ag product exports. This opens opportunities for farmers, as soybeans, soybean meal, feed grains and corn are the top agriculture exports for the state. U.S. Soy farmers supported the MoU, including Bob Suver, Ohio Soybean Council (OSC) Director, and Bill Bayliss, USB Director, who signed the MOU in his role as OSC Chairman.
MoUs like these are important steps forward in strengthening and nurturing relationships with our key trade partners, opening new avenues to market access and generating more demand for U.S. Soy.
This article is funded in part by the soy checkoff.
