Energy corporations sign $4.15 billion cooperation agreement with the US to buy liquefied gas, equipment

In the spirit of further promoting bilateral economic , trade and investment cooperation between Vietnam and the US, many cooperation agreements worth a total of 4.15 billion USD were signed.

Minister Nguyen Hong Dien - Photo: BCT

During the working trip with the US Trade Representative (USTR), the Department of Energy (DOE) and relevant agencies in the US, the Prime Minister's Special Envoy, Minister of Industry and Trade Nguyen Hong Dien attended and witnessed the signing ceremony and announcement of cooperation agreements, contracts for purchasing machinery, equipment, raw materials, services and goods between Vietnamese and US enterprises.

America is a source of machinery, equipment, science and technology products.

Speaking at the signing and announcement ceremony, Minister Nguyen Hong Dien affirmed that after 30 years of establishing diplomatic relations, 10 years of establishing comprehensive partnership and 2 years of upgrading relations to comprehensive strategic partnership, the relationship between the two countries has been developing increasingly positively and firmly in all fields.

In particular, the economic - trade - investment pillar plays a key role in promoting the overall bilateral relationship. In terms of trade, bilateral trade turnover in 2024 will reach nearly 150 billion USD, an increase of 20.5% over the same period last year.

The US has become the second largest trading partner and one of Vietnam's most important export markets and is gradually becoming a source of machinery, equipment, science and technology, and energy products for Vietnam.

In terms of investment, the US continues to be one of Vietnam's leading investment partners. Most major US corporations are present and have effectively invested in Vietnam, and many Vietnamese enterprises have invested in the US market.

By this time in 2025, more than 100 Vietnamese businesses have registered to attend the Select USA 2025 event to learn about investment and business opportunities in the US.

Sharing the results of working with US agencies, Minister Nguyen Hong Dien said that the potential for cooperation between Vietnam and the US is still very large.

Especially in the fields of science and technology, innovation, research and development; development of chip industry, semiconductor, artificial intelligence (AI), Internet of Things (IOT); new energy, renewable energy; finance, financial centers; biotechnology, healthcare...

Vietnam hopes that the US will continue to create conditions and support businesses of the two countries to expand cooperation and effective business investment, especially projects in science, technology, and innovation.

Series of billion-dollar cooperation agreements

In the spirit of promoting bilateral economic, trade and investment cooperation between Vietnam and the US, Minister Nguyen Hong Dien witnessed the signing of many important cooperation agreements with a total value of 4.15 billion USD.

In particular, PetroVietnam Gas Corporation (PVGas) signed memorandums of understanding (MOUs) with Conoco Phillips Group, PVGas and Exceleratel Group signed memorandums of understanding on a number of long-term LNG purchase and sale agreements.

Binh Son Refining and Petrochemical Joint Stock Company (BSR) signed a consulting contract with Kellogg Brown & Root Group (KBR) for a pre-feasibility study on sustainable aviation fuel (SAF).

The agreement between BSR and KBR is a strategic move, helping BSR access advanced technologies and technical solutions for energy transition and carbon emission reduction.

PetroVietnam Power Corporation (PVPower) and GE Vernova signed a memorandum of understanding (MOU) on the procurement of GE equipment and services for gas-fired power plants.

Vietnam National Petroleum Group (Petrolimex) signed a memorandum of understanding with three leading US ethanol suppliers: US Grains Council (USGC), Renewable Fuels Association (RFA) and Growth Energy.

Petrolimex and Marquis Energy signed a memorandum of understanding to facilitate the trading and import of biofuels. These are very meaningful cooperation agreements in the context of Vietnam accelerating the roadmap to increase the rate of biofuel use.

According to the Ministry of Industry and Trade, the total value of economic and trade agreements signed between Vietnamese and US enterprises expected to be implemented in the period from 2025 is about 90.3 billion USD , creating hundreds of thousands of jobs for workers of both countries.

Including contracts and agreements signed and to be implemented from 2025 worth 50.15 billion USD, focusing on purchasing aircraft, aviation services, oil and gas exploitation, and importing petrochemical products.

The contracts and agreements signed today are worth 4.15 billion USD ; the agreements being negotiated by businesses on both sides and expected to be signed in the near future are worth about 36 billion USD .

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Source: https://tuoitre.vn/cac-tap-doan-nang-luong-ky-thoa-thuan-hop-tac-4-15-ti-usd-voi-my-mua-khi-hoa-long-thiet-bi-20250314212600323.htm