Vietnamese and US businesses sign economic cooperation agreements worth approximately $90.3 billion

Vietnamese and US businesses sign economic cooperation agreements worth approximately $90.3 billion

The event was attended by Vietnamese Ambassador to the United States Nguyễn Quốc Dũng, the Ministry of Industry and Trade delegation, representatives from major Vietnamese corporations such as PVN, EVN, Petrolimex, TKV, and Masan, along with US partners and officials.

Minister of Industry and Trade Nguyễn Hồng Diên speaks at the event — Photo baochinhphu.vn

During an official visit to the United States, Minister of Industry and Trade Nguyễn Hồng Diên attended and witnessed the signing of economic cooperation agreements between Vietnamese and US businesses, with a total value of approximately US$90.3 billion.

The event was attended by Vietnamese Ambassador to the United States Nguyễn Quốc Dũng, the Ministry of Industry and Trade delegation, representatives from major Vietnamese corporations such as PVN, EVN, Petrolimex, TKV, and Masan, along with US partners and officials.

Speaking at the ceremony, Minister Nguyễn Hồng Diên highlighted that after 30 years of diplomatic relations and two years of upgrading to a Comprehensive Strategic Partnership, Vietnam-US relations have flourished across various sectors. In 2024, bilateral trade reached nearly $150 billion, marking a 20.5 per cent increase from the previous year. The United States is currently Vietnam’s second-largest trading partner and one of the country's key suppliers of machinery, equipment, technology, and energy.

At the event, several significant cooperation agreements were signed, particularly in the energy sector. PetroVietnam Gas Corporation (PVGas) signed Memorandums of Understanding (MoUs) with ConocoPhillips and Excelerate for long-term liquefied natural gas (LNG) purchase agreements.

Bình Sơn Refining and Petrochemical Company (BSR) partnered with Kellogg Brown & Root (KBR) to conduct a pre-feasibility study on sustainable aviation fuel (SAF). Meanwhile, PetroVietnam Power Corporation (PVPower) and GE Vernova reached an agreement on the supply of equipment and services for PVPower's gas-fired power plants.

Additionally, Petrolimex, Vietnam’s leading petroleum distributor, signed an MoU with three top US ethanol associations, including the U.S. Grains Council (USGC), Renewable Fuels Association (RFA), and Growth Energy, to enhance trade cooperation in biofuels. Petrolimex also inked an agreement with Marquis Energy to facilitate ethanol trade and imports, supporting Vietnam’s efforts to increase the adoption of biofuels.

The total value of the cooperation agreements between Vietnamese and US businesses is expected to reach $90.3 billion from 2025 onwards. Of this, $50.15 billion will be allocated for aircraft procurement, aviation services, oil and gas exploration, and refined petroleum imports. Agreements signed at the event amounted to $4.15 billion, while the remaining $36 billion is currently under negotiation and is expected to be finalized in the near future.

The signing of these agreements not only opens new economic growth opportunities but also creates hundreds of thousands of jobs for workers in both countries. Moreover, it marks a significant step in enhancing Vietnam-US economic, trade, and investment cooperation, fostering a sustainable, balanced, and mutually beneficial partnership. 

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