The US Foreign Agricultural Service has announced a trade mission to Hanoi and Ho Chi Minh City next month with 58 agricultural businesses from the US and representatives of nine state governments, per a press release on the organisation’s website. The US was the third largest supplier of food and farmed goods to Vietnam last year, it goes on to say.
Of note, the US was slated to benefit from a range of tariff reductions on agricultural goods in Vietnam as part of the Trans-Pacific Partnership agreement. It was, however, withdrawn by the Trump administration.
The agreement was subsequently revised for the remaining members, and came into force in January of 2019 with tariffs on most goods set to be reduced to zero for member states by 2027. This has put US agricultural producers on the back foot compared to other major agricultural producers like Australia and Canada in the Vietnam market. In this context, it’s entirely possible US food and farmed goods exports could have been even higher than they are now.
See also: How to Start an Import Business in Vietnam: Ultimate Guide 2024