A Vietnamese delegation signed five memoranda of understanding (MOU) to purchase more U.S. soy, corn, pork and other agricultural products at the Iowa Capitol Monday.
One of the MOUs included a commitment from Vietnam to import $400 million worth of soybeans and meal from Omaha-based Ag Processing Inc. (AGP). It’s among the top four largest soybean processors in the U.S. Half of AGP’s 10 plants are located in Iowa.
“Vietnam has grown to one of the most valued partners, and we don’t take that for granted,” Randy Miller said, representing the Iowa Soybean Association and U.S. Soybean Export Council.
The southeast Asian country is the 10th largest agricultural export market for the U.S. The total export value exceeded $3.4 billion in 2024.
“In 2024 alone, Iowa companies exported $244 million in agricultural goods to Vietnam, and this partnership continues to flourish,” said Brad Frisvold, agriculture marketing manager with the Iowa Economic Development Authority.
Much of the growth over the last decade comes from soybeans, soybean meal and other feeds, as well as meals and fodder for livestock in Vietnam.
But commodity groups and Iowa officials see an opportunity to sell more U.S. beef, pork, poultry and ethanol to a country with a growing economy and young population.
“When you’re talking about a population of just over 100 million people, and the average age of that population is in the 30s, and GDP growth that is significant year-over-year, those are all the signals that you need,” said Iowa Secretary of Agriculture Mike Naig after the MOU signings.
Naig led a trade delegation to Vietnam in 2023 and is planning another trip for November.
The MOUs come among ongoing trade talks between the U.S. and Vietnam, and the threat of 46% tariffs on Vietnamese products. The Trump administration cited global trade imbalances as a primary reason for country-specific import taxes announced on “Liberation Day” in April.
Liberation Day also ratcheted up a trade war with China, a major importer of U.S. agricultural products. Naig said it would be difficult to find a market equivalent to China.
“Really, what we need to be thinking about is how do we strengthen many markets around the world. Vietnam is one that’s really on an upswing, but there are many places in the world that we can go,” Naig said.
Ralph Lents, president of the Iowa Corn Promotion Board, said corn growers are looking for more demand for their products.
“[Farming] wasn’t very profitable last year, probably will not be profitable at all this year unless some things change,” Lents said, pointing to high input costs and low corn prices.
He said a few corn-specific MOUs signed Monday are significant and could help farmers. One agreement with United Grain, a bulk grain export company in Washington state, covers the import of 900,000 metric tons of U.S. corn and wheat.
A separate MOU with POET, a biofuel company with plants in Iowa, includes 250,000 metric tons of dried distillers grain. The ethanol byproduct is also a protein-rich livestock feed.
Lents said the Vietnamese government is considering an expanded ethanol mandate, as well.
“Anything that grinds more corn, we’re all for,” Lents said. “I just hope this is the beginning of something bigger to come.”
Correction: A previous version of this article described United Grain as a bulk export company in "Washington, D.C." The article was corrected to say '"Washington state" at 4:10 pm on June 4, 2025.
