Vietnam - US signed many billion-dollar projects

Special envoy of the Prime Minister, Minister Nguyen Hong Dien witnessed the signing ceremony of cooperation agreements and procurement contracts between Vietnamese and US enterprises.

Hope the US continues to facilitate and support businesses of the two countries to expand cooperation

During his working trip to the United States to work with the Office of the United States Trade Representative (USTR), the Department of Energy (DOE) and relevant agencies, Special Envoy of the Prime Minister, 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.

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 ceremony of cooperation agreements, Minister Nguyen Hong Dien emphasized that the economic - trade - investment pillars play a key role in promoting the overall bilateral relationship.

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 which, the economic - trade - investment pillar plays a key role in promoting the overall bilateral relationship.

Regarding trade , the Minister said that bilateral trade turnover in 2024 will reach nearly 150 billion USD, an increase of 20.5% over the same period last year. The United States has become the second largest trading partner and one of the most important export markets of Vietnam and is gradually becoming a source of machinery, equipment, science and technology, and energy products for Vietnam.

Regarding 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 businesses have registered to participate in the Select USA 2025 event to learn about investment and business opportunities in the United States.

Minister Nguyen Hong Dien said that the potential for cooperation between Vietnam and the United States is still very large.

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 areas such as science and technology, innovation, research and development.

At the same time, the two countries still have many opportunities and room to promote cooperation in the chip industry, semiconductors, artificial intelligence (AI), Internet of Things (IOT); new energy, renewable energy; finance, financial centers; biotechnology, healthcare, etc.

Minister Nguyen Hong Dien emphasized that Vietnam hopes the United States will continue to create conditions and support businesses of the two countries to expand cooperation and effective business investment, especially in science, technology, and innovation projects.

Vietnamese - US businesses sign many billion-dollar 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. Specifically:

Firstly, PetroVietnam Gas Corporation (PVGas) has signed Memorandums of Understanding (MOUs) with Conoco Phillips Corporation.

Second, PetroVietnam Gas Corporation (PVGas) has signed a memorandum of understanding with Excelerate Group on a number of long-term LNG purchase and sale agreements.

Representatives of PetroVietnam Gas Corporation - PV GAS (right) signed Memorandums of Understanding (MOU) with Conoco Phillips and Excelerate Corporations on a number of long-term LNG purchase and sale agreements.

Third, Binh Son Refining and Petrochemical Joint Stock Company (BSR) signed a consulting contract with Kellogg Brown & Root Group (KBR) to conduct 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.

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 roadmap and carbon emission reduction, promoting the energy transition process in Vietnam and globally.

Leaders of Vietnam Oil and Gas Power Corporation - PVPower (left) and GE Vernova signed a Memorandum of Understanding (MOU) on the procurement of GE equipment and services for gas-fired power plants developed by PVPower.

Fourth , 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 developed by PVPower.

With this new memorandum of understanding, PVPower and GE Vernova continue to affirm their shared 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.

Vietnam National Petroleum Group (Petrolimex) signed many cooperation agreements with US businesses.

Fifth , the Vietnam National Petroleum Group (Petrolimex) signed a Memorandum of Understanding on ethanol supply with three leading US Ethanol suppliers, the US Grains Council (USGC), Renewable Fuels Association (RFA), and Growth Energy (GROWTH), to establish a cooperation agreement and expand bilateral trade between PETROLIMEX and the US ethanol industry.

Sixth, the Vietnam National Petroleum Group (Petrolimex) signed a Memorandum of Understanding with Marquis Energy 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.

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 both countries.

Of which, the 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; the 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.

During his working trip to the United States, on March 13, 2025, at the headquarters of the United States Trade Representative (USTR), Washington DC, USA, Special Envoy of the Prime Minister, Minister of Industry and Trade Nguyen Hong Dien had a meeting with Chief of the United States Trade Representative Jamieson L. Greer to discuss promoting bilateral economic and trade cooperation between Vietnam and the United States.

This is the first important, direct and official working session at the ministerial level between the two countries since the US had a new administration.

Source: https://congthuong.vn/viet-nam-hoa-ky-ky-ket-nhieu-du-an-ty-usd-378211.html