South Korean media: Vietnam agrees to purchase $3 billion of American agricultural products to cope with tariff pressure

South Korean media: Faced with tariff pressure, Vietnam agrees to purchase $3 billion worth of US agricultural products!

On June 8, South Korean media "The Korea Herald" published an article stating that Vietnam, which is negotiating trade with the United States, has signed an agreement to purchase $3 billion worth of American agricultural products.

Vietnam's Ministry of Agriculture and Rural Development recently issued a statement announcing that during February 2 to 6, Vietnam signed 20 commercial agreements to purchase American agricultural products in the United States, totaling $3 billion.

During this period, a delegation of 50 Vietnamese companies led by Minister of Agriculture and Rural Development Dang Duc Hien visited Iowa, Ohio, Maryland, and Washington DC, and signed memorandums of understanding to purchase corn, wheat, soybean meal, and other agricultural products.

The Vietnamese delegation originally planned to sign agricultural product procurement agreements worth $2 billion during their visit to the United States, but ultimately exceeded this figure.

The Ministry of Agriculture and Rural Development stated in a statement: "The signing of this agreement reflects the strong willingness and goodwill of Vietnam's business community and government to promote balanced trade with the United States, and encourages the US government to reconsider imposing high retaliatory tariffs on Vietnam."

Vietnam is currently negotiating trade with the United States, which has threatened to impose a 46% tariff on Vietnam. The third round of formal negotiations is scheduled for next week.

Vietnam has been actively promoting the import of American products, including energy and agricultural products, to reduce its trade surplus with the United States.

Last year, Vietnam's goods trade surplus with the United States reached a record high of $123.5 billion, second only to China and Mexico, making it the third-largest goods trade surplus country with the United States.

Last year, Vietnam exported $13.68 billion worth of agricultural products to the United States and imported $3.4 billion worth of agricultural products from the United States.

Source: https://www.toutiao.com/article/1834360726993091/

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