Vietnam - United States: Many trade agreements signed worth up to 90.3 billion USD

Signing of a memorandum of understanding on the procurement of equipment and services for gas-fired power plants between PVPower and GE Vernova.

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 the purchase of machinery, equipment, raw materials, fuels, services and goods between Vietnamese and US enterprises.

The United States is an important 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 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. 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 Vietnam's second largest trading partner and one of the most important export markets and is gradually becoming a source of machinery, equipment, science, 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 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, technology, innovation, creativity, 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, technology, innovation and creativity.

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.

Many important cooperation agreements

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 during this working session, including:

PetroVietnam Gas Corporation (PVGas) has signed memorandums of understanding (MOUs) with Conoco Phillips Corporation; PetroVietnam Gas Corporation (PVGas) has signed a memorandum of understanding with Excelerate Corporation 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 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.

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 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 a memorandum of understanding on establishing a cooperation framework to facilitate transactions and imports of biofuels between Petrolimex and Marquis Energ.

Vietnam National Petroleum Group (Petrolimex) has 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.

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.

Economic and trade agreements up to 90.3 billion USD

Thus, the total value   The 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.

According to Baochinhphu.vn

Source: https://www.baokiengiang.vn/kinh-te/viet-nam-hoa-ky-nhieu-thoa-thuan-thuong-mai-duoc-ky-ket-tri-gia-len-toi-90-3-ty-usd-25049.html