During his working trip to the United States on May 20, 2025, Vietnamese Minister of Industry and Trade Nguyen Hong Dien, who led the Vietnamese Government’s negotiation delegation, had meetings with leaders of top US corporations, including Excelerate Energy, Lockheed Martin, SpaceX, and Google.
The meetings demonstrated a commitment to deepening collaboration in critical areas, ranging from energy and aerospace to high technology and digital transformation.
VIETNAM AIMS TO BECOME A REGIONAL LNG HUB WITH EXCELERATE ENERGY
At the meeting with Excelerate Energy, Minister Nguyen Hong Dien affirmed that Vietnam encourages US businesses to invest in the country’s liquefied natural gas (LNG) infrastructure and market.
According to the Power Development Plan 8, to ensure national energy security, Vietnam will construct 14 gas-fired power plants in the coming years. Therefore, securing LNG sources is a top priority. Vietnam is also facilitating the business of liquefied gas companies, including reducing the import tax on LNG from 5% to 2%.
During the meeting, Mr. Peter Haas, Vice President of Excelerate Corporation, proposed three specific directions for cooperation: investing in and developing LNG infrastructure, ensuring a stable LNG supply, and establishing a joint venture with a Vietnamese partner to expand the market, aiming to make Vietnam a regional LNG distribution hub for the ASEAN region.
STARLINK INVESTS $1.5 BILLION TO DEPLOY SATELLITE INTERNET IN VIETNAM
In the meeting with Lockheed Martin, Minister Nguyen Hong Dien recalled the two sides’ imprint on strategic telecommunications projects such as VINASAT-1 (2008) and VINASAT-2 (2012). He also shared that Vietnam is preparing for the launch of a new-generation satellite at the end of 2026 and hopes for Lockheed Martin’s continued partnership.
Vietnam also expressed its desire to expand cooperation in potential areas such as aerospace, digital infrastructure development, and telecommunications capacity enhancement. The Minister requested the study of flexible cooperation models and consideration of participation in Lockheed Martin’s global supply chain. Representing Lockheed Martin, Ms. Nancy Ziuzin, Vice President for Government and International Strategy, affirmed the commitment to accompany Vietnam in the fields of aviation, aerospace, and defense technology. The two sides agreed to establish a regular cooperation mechanism to promote technology transfer and strategic information sharing.
In the meeting with SpaceX, Minister Nguyen Hong Dien acknowledged and highly appreciated the company’s plan to invest $1.5 billion to deploy the Starlink satellite internet service in Vietnam.
According to the plan, SpaceX will build 10 to 15 ground stations nationwide in the first phase. The project is expected to provide stable and affordable broadband connectivity to remote, border, and island areas with limited telecommunications infrastructure. With more than 22 million people living in rural and mountainous areas, Vietnam is expected to benefit directly from the Starlink project. Mr. Tim Hughes, Vice President of SpaceX, affirmed, “Vietnam is a strategic market in Starlink’s globalization plan,” and pledged to accompany the Government in the digital transformation process and bridge the digital divide between regions.
The Ministry of Industry and Trade (MOIT) said that Vietnam is actively removing legal obstacles to ensure the project’s timely implementation. They also proposed that SpaceX expand cooperation in information technology, clean energy, and high-quality human resource training.
In the meeting with Google, Mr. Karan Bhatia, Vice President of Government Affairs and Public Policy, emphasized Vietnam’s central role in the strategy to restructure the global supply chain.
Acknowledging Google’s efforts in positioning Vietnam as a priority destination in the technology supply chain, Minister Nguyen Hong Dien requested Google to enhance the assessment of raw material localization potential and cooperate with Vietnamese businesses to expand and diversify sources within the region.
Currently, Vietnam is the seventh-largest trading partner of the United States. In 2024, bilateral trade between the two countries reached nearly $123 billion, with Vietnam enjoying a surplus of over $98 billion. “Strengthening investment and cooperation with large corporations like Google will contribute to improving the trade balance towards sustainability and balance,” Minister Nguyen Hong Dien emphasized.
During the meetings, Minister Nguyen Hong Dien requested influential US corporations, including Excelerate, Lockheed Martin, Space X, and Google, to convey Vietnam’s message to the Trump administration. The message emphasized that the comprehensive strategic partnership between Vietnam and the United States has been promoting and creating favorable conditions for US companies to invest and do business in Vietnam. Therefore, cooperation with Vietnam will bring long-term strategic benefits and contribute to improving the trade balance fairly and sustainably between the two countries.
“Vietnam should be treated as a priority trading partner of the United States,” Minister Nguyen Hong Dien emphasized. He also requested that the US work with Vietnam to resolve existing issues in the current economic and trade relationship and soon recognize Vietnam as a market economy, removing it from the D1 and D3 lists that restrict the export of high-tech products. This will bring practical benefits to both countries in the short and long term.
Accelerating Land Clearance for Vital Power Transmission Projects
“Land clearance has become the biggest bottleneck in key energy projects. With the pressing need to ensure energy security, the Ministry of Industry and Trade is calling for the mobilization of the entire political system, from central to local levels, to decisively resolve remaining obstacles.”
“In Extraordinary Times, Extraordinary Measures Are Needed”
In challenging times, developed nations opt for conservative growth targets. To buck this global trend and achieve ambitious growth, we require innovative solutions. Prime Minister Pham Minh Chinh asserts that “in these extraordinary times, we must adopt extraordinary measures, adapting with agility and efficiency.”
“Billions Pour into Real Estate, but Companies Still Starve for Capital: Unveiling the Capital Conundrum”
As of the end of March, real estate business credit balances had surged by 20% compared to the end of 2024. This growth aligns with the recovering real estate market trend. However, it is crucial to carefully manage and direct capital flows into segments that align with the purchasing power of the population to mitigate risks.
Crafting Vietnam’s Global Financial Destiny: The Significance of a Dual-Hub Paradigm
Vietnam’s dynamic financial landscape is evolving, and a multi-hub system is the key to unlocking its potential. We propose a visionary strategy to establish Da Nang as an innovative testbed and a green finance powerhouse, working in harmony with Ho Chi Minh City’s established financial prowess. This strategic move will create a robust and sustainable financial ecosystem, harnessing the strengths of both cities.
Governor Nguyen Thi Hong: The Bad Debt of the Credit System is Currently High and on the Rise, Posing Significant Challenges for the Banking Sector
The governor emphasized the urgency of providing liquidity support to commercial banks through special lending facilities to ensure the safety and security of the credit system. Synchronizing the legal framework for dealing with non-performing loans will facilitate capital rotation and enhance credit accessibility for citizens and businesses alike.
