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Vietnam firms to sign MoUs to buy $2 billion of US farm produce

  • On Tuesday in Hanoi, it was announced that Vietnamese companies plan to formalize agreements totaling over $2 billion to purchase American agricultural goods.
  • This move aims to reduce Vietnam's trade surplus with the U.S. And head off threatened 46 percent tariffs by the Trump administration.
  • The deals include five MoUs to purchase $800 million of Iowa products over three years, such as corn, soybean meal, and dried distillers grains.
  • Vietnam bought $3.4 billion of U.S. Farm produce last year and signed agreements on Boeing planes and liquefied natural gas, showing efforts to narrow the trade gap.
  • The new agreements and ongoing trade talks suggest continued cooperation, but U.S. Demands to cut reliance on Chinese materials could challenge Vietnam's economy.
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The Diplomat broke the news in Tokyo, Japan on Wednesday, July 15, 2020.
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