HCMC – Vietnamese and U.S. businesses have signed cooperation agreements worth US$4.15 billion, covering liquefied natural gas (LNG) purchases, equipment procurement, and investment, marking a new step in bilateral economic ties.
During his working visit to the U.S., Minister of Industry and Trade Nguyen Hong Dien attended the signing ceremony and discussions with officials from the Office of the U.S. Trade Representative (USTR) and the Department of Energy (DOE).
Among the key deals, PVGas signed memorandums of understanding (MOUs) with ConocoPhillips and Excelerate Energy for long-term LNG supply agreements. Binh Son Refining and Petrochemical (BSR) partnered with KBR to conduct a feasibility study on sustainable aviation fuel (SAF), aligning with Vietnam’s energy transition strategy.
PVPower and GE Vernova reached an agreement on equipment and service procurement for gas-fired power plants, while Petrolimex signed MOUs with leading U.S. ethanol suppliers, including the U.S. Grains Council, Renewable Fuels Association, and Growth Energy, to facilitate biofuel trade. Additionally, Petrolimex and Marquis Energy agreed on cooperation to boost biofuel imports into Vietnam.
Minister Duyen emphasizes a great potential for Vietnam-U.S. collaboration, particularly in technology, semiconductors, renewable energy, finance, and biotechnology. With more than 100 Vietnamese firms registered for the SelectUSA 2025 event, interest in expanding investment in the U.S. market is growing.
Bilateral trade between Vietnam and the U.S. reached nearly US$150 billion in 2024, a 20.5% increase from the previous year. The U.S. is now Vietnam’s second-largest trading partner and an increasingly important supplier of machinery, technology, and energy products.
