Iowa welcomed over 50 members of a Vietnamese delegation to the State Capitol today for the signing of five memoranda of understanding (MOUs) between the Vietnamese feed industry and U.S. companies. The agreements focus on increasing trade of U.S. grains, including corn.
H.E. Do Duc Duy, Vietnam Minister of Agriculture and Environment, Mike Naig, Iowa Secretary of Agriculture, and Ralph Lents, Iowa Corn Promotion Board President, delivered remarks at the event.
Two MOUs specifically addressed corn and distillers dried grains with solubles (DDGS), totaling 900,000 metric tons of U.S. corn and 250,000 metric tons of U.S. DDGS.
"Vietnam is a strategic trading partner with the United States and is a top importer of DDGS," said Lents. "This event showcased an increased commitment from Vietnam to purchase more agricultural products and reinforce the strong partnership between our countries."
The Vietnamese government is also exploring the expansion of its E5 RON92 mandate to all grades of gasoline, potentially creating an additional 200 million gallons of new ethanol demand. The Ministry of Industry & Trade aims to finalize a policy decision on a nationwide E10 mandate in 2025.
