Vietnam-US bilateral agricultural trade reaches USD 5.5 billion

The event was attended by Ms. Susan Burns, US Consul General in Ho Chi Minh City; representatives of the US Department of Agriculture (USDA); typical businesses in the fields of agriculture, food, and beverages; the US Agricultural Association; the US Meat Export Federation; representatives of importers and retailers; and representatives of hotel restaurants in Vietnam.

The US’s agricultural and food products introduced this time include beef, pork, chicken, potatoes, cheese, raisin, dried fruit, ginseng, wine, and whiskey.

Ms. Susan Burns, US Consul General in Ho Chi Minh City, said that Vietnam is currently the 9^th largest export market for US agricultural products, and the US is the 2^nd largest export market for Vietnamese agricultural products.

Bilateral agricultural trade turnover reached more than USD 5.5 billion by 2023. The growth and depth of the trade relationship between the two countries are created by the trade connection between Vietnam-US food and beverage enterprises. This relationship brings the US’s high-quality foods and beverages to consumers in Ho Chi Minh City in particular and consumers throughout Vietnam in general.

Bringing the US ginseng product from Wisconsin, Mr. Kirk Baumann, owner of Baumann Farm (Marathon town), said that his farm's ginseng has been imported by some businesses and consumed in Vietnam.

"Wisconsin State’s ginseng has also received positive feedback from Vietnamese consumers. However, they are still familiar with Asian ginseng product lines. I believe that in the coming time, the purchasing power of ginseng products will increase as Vietnamese consumers are increasingly interested in healthy products," Mr. Kirk Baumann shared.

As one of the partners importing ginseng from Baumann Farm, Mr. Cao Chi Dung, Director of TCS Services Joint Stock Company (Ho Chi Minh City), said that the unit has brought US ginseng to Vietnam since 2014. However, it was not until 2018 that the market began to get used to this product. Currently, the growth rate reaches 15-20%/year. US ginseng is consumed by Asian consumers, of which 95% of production is consumed by Chinese traders.

Ms. Dang Tran Cam Van, owner of Le Chef restaurant (Ho Chi Minh City), said that since 2020, her restaurant has directly imported raw ginseng from the US to research and launch new product lines that are good for health and suitable for Vietnamese consumers, such as coconut ginseng candy, ginseng lozenge, ginseng Pho, ginseng soup, ginseng tea, ginseng coffee, etc.

Mr. Le Van Anh Tu, Representative of the US Meat Export Federation Office in Vietnam (a non-profit organization), said that US beef ranks in the top 3 most exported to Vietnam, along with Canada and Australia. "The Vietnamese market's consumption is average compared to other Asian countries, slightly lower than the Philippines. The most consumption is from Japan and South Korea. Demand for US beef in Vietnam tends to increase."

According to the US Consul General in Ho Chi Minh City, an agricultural trade mission from the US Department of Agriculture will come to Ho Chi Minh City this September. Accompanying the mission is a large delegation of US suppliers. "The future of US-Vietnam economic and trade relations is very bright. During President Biden's historic visit to Vietnam last September, the two countries upgraded their bilateral relations to a Comprehensive Strategic Partnership. Trade and economics, including agriculture, are an important part of our relationship with Vietnam," said the US Consul General in Ho Chi Minh City.

“US consumers are really in favor of Vietnamese cuisine. Vietnamese Pho shops and restaurants are present everywhere in the US. I see a new wave for Vietnamese products. Recently, we supported Vietnam in exporting grapefruit to the US market. Currently, US consumers can enjoy Vietnamese grapefruit," said Mr. Andrew Anderson, Senior Agricultural Attaché, US Consulate General in Ho Chi Minh City.

Bilateral trade between Vietnam and the US has increased strongly, from USD 450 million in 1995 to USD 124 billion in 2022. The recent upgrade of Vietnam-US relations to a Comprehensive Strategic Partnership is opening considerable opportunities for both sides to soon reach USD 200 billion in bilateral trade value.