As part of his working visit to the US to work with the Office of the US Trade Representative (USTR), the Department of Energy (DOE), and related agencies, Prime Minister’s Envoy and Minister of Industry and Trade Nguyen Hong Dien attended and witnessed the signing and announcement of cooperation agreements, contracts for the purchase of machinery, equipment, raw materials and services, and goods between Vietnamese and US businesses.
Signing of an MOU on equipment and service procurement for gas-fired power plants between PVPower and GE Vernova
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The US is a significant export market for Vietnam.
Speaking at the signing and announcement ceremony, Minister Nguyen Hong Dien affirmed that after 30 years of establishing diplomatic relations, 10 years of comprehensive partnership, and 2 years of upgrading relations to a comprehensive strategic partnership, the bilateral relationship has been developing positively and firmly in all fields. The economic, trade, and investment pillar acts as a key driver in promoting the overall bilateral relationship.
In terms of trade, two-way trade in 2024 reached nearly $150 billion, up 20.5% over the same period last year. The US has become Vietnam’s second-largest trading partner and one of its most important export markets and is gradually becoming a supplier of machinery, equipment, science and technology, and energy to Vietnam.
Regarding investment, the US continues to be one of Vietnam’s leading investment partners, with most major US corporations already present and doing business efficiently in Vietnam. Meanwhile, an increasing number of Vietnamese enterprises have invested in the US market. As of 2025, more than 100 Vietnamese businesses have registered to participate in Select USA 2025 to explore investment and business opportunities in the US.
Sharing the results of his work with US agencies, Minister Nguyen Hong Dien stated that the cooperation potential between Vietnam and the US is enormous, especially in fields such as science and technology, innovation, research and development; developing the chip, semiconductor, artificial intelligence (AI), and Internet of Things (IoT) industries; new and renewable energy; finance and financial centers; biotechnology and healthcare. Vietnam wishes for the US to continue creating favorable conditions and supporting businesses from both countries to expand cooperation and efficient investment and business activities, especially in projects involving science and technology and innovation.
Several important cooperation agreements
In the spirit of further promoting bilateral economic, trade, and investment cooperation between Vietnam and the US, several meaningful cooperation agreements, with a total value of $4.15 billion, were signed under the witness of Minister Nguyen Hong Dien. These include:
Petrovietnam Gas Joint Stock Corporation (PVGas) signed Memorandums of Understanding (MOUs) with Conoco Phillips Corporation; PVGas also signed with Excelerate Energy LP an MOU on some long-term LNG sale and purchase agreements.
Binh Son Refining and Petrochemical Company Limited (BSR) signed a contract with Kellogg Brown & Root (KBR) for consulting services on the pre-feasibility study of sustainable aviation fuel (SAF). The agreement between BSR and KBR is a strategic step, helping BSR access advanced technologies and technical solutions for energy transition and carbon emission reduction. At the same time, it is also an opportunity for BSR to expand its investment in new energy and sustainable fuel projects, making essential contributions to the roadmap for energy transition and carbon emission reduction, promoting energy transformation in Vietnam and globally.
Vietnam Oil and Gas Power Corporation (PVPower) and GE Vernova signed an MOU on equipment and service procurement from GE for gas-fired power plants developed by PVPower. With this new MOU, PVPower and GE Vernova continue to affirm their common commitment to developing sustainable and advanced solutions for the power and oil and gas industries. This will help PVPower seize new opportunities in the context of globalization and energy transformation while affirming the Group’s position in the race for digital technology and sustainable energy.
Signing of an MOU on establishing a framework for cooperation to facilitate transactions and imports of biofuels between Petrolimex and Marquis Energy
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Vietnam National Petroleum Group (Petrolimex) signed an MOU with three leading US ethanol suppliers: the US Grains Council (USGC), the Renewable Fuels Association (RFA), and Growth Energy (GROWTH). This MOU aims to establish cooperation and expand bilateral trade between Petrolimex and the US ethanol industry.
Vietnam National Petroleum Group (Petrolimex) signed an MOU with Marquis Energy to facilitate transactions and imports of biofuels. These agreements are highly significant as Vietnam is accelerating its roadmap to increase the proportion of biofuel use.
Economic and trade agreements worth up to $90.3 billion
Thus, the total value of economic and trade agreements signed between Vietnamese and US enterprises is expected to be implemented in the period from 2025 to about $90.3 billion, creating hundreds of thousands of jobs for workers in both countries.
Of this, contracts and agreements that have been signed and will be implemented from 2025 are worth $50.15 billion, focusing on aircraft purchases, aviation services, oil and gas exploitation, and imports of petroleum products. Agreements signed today are worth $4.15 billion, and agreements being negotiated between the two sides and expected to be signed in the future are worth about $36 billion.
The signing of these agreements and memorandums of understanding is a practical action to promote substantive, in-depth, and effective economic, trade, and investment cooperation between the two countries. It also contributes to a harmonious and sustainable balance of trade.
– 08:40 15/03/2025
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