Also attending the event were Ambassador Extraordinary and Plenipotentiary of Vietnam to the United States Nguyen Quoc Dung, a delegation from the Ministry of Industry and Trade , representatives of the leaders of the Vietnam Energy and Industry Group (PVN) and its member companies, Vietnam Electricity Group (EVN), Vietnam National Petroleum Group (Petrolimex), Vietnam National Coal and Mineral Industries Group (TKV), Masan Group and US partners.
On the US side, there were Mr. David Gainer, Director of the Office, US Department of State and Mr. Ken Vincent, Director of Asian Affairs, US Department of Energy, who attended and witnessed the signing ceremony.
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 steadily 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, up 20.5% over the same period last year. The United States 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 United States continues to be one of Vietnam's leading investment partners, with most major US corporations having a presence and effectively investing in Vietnam, while more and more Vietnamese enterprises have invested in the US market. By this time in 2025, more than 100 Vietnamese enterprises have registered to attend the Select USA 2025 event to learn about investment and business opportunities in the United States.
Sharing the results of the work with US agencies, Minister Nguyen Hong Dien said that the potential for cooperation between Vietnam and the US is still very large, especially in areas such as 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, etc. Vietnam hopes that the US will continue to create conditions and support businesses of the two countries to expand cooperation, invest and do business effectively, especially projects in science and technology, innovation projects.
In the spirit of further promoting bilateral economic, trade and investment cooperation between Vietnam and the United States, under the witness of Minister Nguyen Hong Dien, many important cooperation agreements with a total value of 4.15 billion USD were signed.
Signing of a memorandum of understanding on long-term supply of LNG between PVGas and Conoco Phillips Corporation
(i) PetroVietnam Gas Corporation (PVGas) has signed Memorandums of Understanding (MOUs) with Conoco Phillips Corporation;
(ii) PetroVietnam Gas Corporation (PVGas) has signed a memorandum of understanding with Excelerate Group on a number of long-term LNG purchase and sale agreements.
(iii) 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 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 investment in new energy and sustainable fuel projects, contributing significantly to the energy transition and carbon emission reduction roadmap, promoting the energy transition process in Vietnam and globally.
Signing of a memorandum of understanding on the procurement of equipment and services for gas-fired power plants between PVPower and GE Vernova
(iv) PetroVietnam Power Corporation (PVPower) and GE Vernova have signed a Memorandum of Understanding (MOU) on the procurement of GE equipment and services for gas-fired power plants developed by PVPower. With this new MOU, PVPower and GE Vernova continue to affirm their shared commitment to developing sustainable and advanced solutions for the electricity 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.
(v) Vietnam National Petroleum Group (Petrolimex) has signed a Memorandum of Understanding on ethanol supply with three leading US Ethanol suppliers, namely US Grains Council (USGC), Renewable Fuels Association (RFA), Growth Energy (GROWTH) to establish a cooperation agreement and expand bilateral trade between PETROLIMEX and the US ethanol industry.
Signing of a memorandum of understanding on establishing a cooperation framework to facilitate transactions and imports of biofuels between Petrolimex and Marquis Energy
(vi) Vietnam National Petroleum Group (Petrolimex) signed a Memorandum of Understanding with Marquis Energy to facilitate transactions 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.
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 USD, creating hundreds of thousands of jobs for workers of the two countries; including:
- Contracts and agreements signed and to be implemented from 2025 are worth 50.15 billion USD, focusing on purchasing aircraft, aviation services, oil and gas exploitation, and importing petrochemical products;
- Contracts and agreements signed today are worth 4.15 billion USD;
- The agreements being negotiated by businesses of both sides and expected to be signed in the near future are worth about 36 billion USD.
The signing of these agreements and memorandums of understanding is a practical action to promote economic, trade and investment cooperation between the two countries in a substantive, increasingly in-depth and effective manner; at the same time, contributing towards a harmonious and sustainable trade balance.
Source: https://moit.gov.vn/tin-tuc/hoat-dong/hoat-dong-cua-lanh-dao-bo/le-ky-ket-va-cong-bo-cac-thoa-thuan-hop-tac-trong-linh-vuc-kinh-te-thuong-mai-giua-viet-nam-hoa-ky.html
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