Vietnamese and US businesses sign major trade deals

Vietnamese and US businesses sign major trade deals

Economic, trade and investment cooperation has emerged as the cornerstone driving bilateral relations between Việt Nam and the US.

Representatives from PVPower and GE Vernova pose for a photo after signing a Memorandum of Understanding. —  Photo thoibaotaichinhvietnam.vn

A series of key cooperation agreements were signed between Vietnamese and US businesses on March 13 (local time) during a working trip to the US led by Special Envoy of the Prime Minister and Minister of Industry and Trade Nguyễn Hồng Diên. 

The agreements covered various sectors, highlighting efforts to strengthen bilateral trade and investment ties. Notable agreements included PetroVietnam Gas Corporation (PV GAS) signing long-term LNG contracts with Conoco Phillips and Excelerate Energy corporations. 

Bình Sơn Refining and Petrochemical JSC partnered with Kellogg Brown & Root for a study on sustainable aviation fuel, while PVPower signed a Memorandum of Understading (MoU) with GE Vernova for gas-fired power plant equipment.

Further agreements were made between Vietnam National Petroleum Group (Petrolimex) and top US ethanol suppliers US Grains Council (USGC), Renewable Fuels Association (RFA) and Growth Energy (GROWTH) to boost biofuel trade, alongside an MoU between Masan Group and the US International Development Finance Corporation for financial support in deep mineral processing projects.

Economic, trade and investment cooperation has emerged as the cornerstone driving bilateral relations between Việt Nam and the US. Trade volume between the two countries reached nearly US$150 billion in 2024, with the US becoming Việt Nam's second-largest trading partner and one of its most crucial export markets. 

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