Việt Nam expands strategic ties with US giants

Việt Nam expands strategic ties with US giants

In a high-level effort to deepen bilateral economic ties and integrate more deeply into global supply chains, Vietnamese Minister of Industry and Trade Nguyễn Hồng Diên on May 20 (local time) met with senior executives from four major US corporations: SpaceX, Google, Excelerate and Lockheed Martin.

During his official visit to the US, these discussions, held amid a growing Việt Nam – US comprehensive strategic partnership, aimed to expand cooperation across high-tech, energy, aerospace and digital sectors – areas where US corporations hold strong global competitive advantages and Việt Nam seeks rapid development.

Vietnamese Minister of Industry and Trade Nguyễn Hồng Diên meets representatives from Excelerate. — Photo courtesy of MoIT

Vietnamese Minister of Industry and Trade Nguyễn Hồng Diên meets representatives from Excelerate. — Photo courtesy of MoIT

At the meeting with Excelerate, a leading American LNG infrastructure company, Diên highlighted Việt Nam’s intention to reduce import tariffs on liquefied natural gas (LNG) to 2 per cent from 5 per cent.

The move is designed to encourage foreign participation in Vệt Nam’s energy transition and meet rising domestic demand.

Excelerate Energy expressed strong interest in investing in Việt Nam’s gas infrastructure.

The vice president of Excelerate, Peter Haas, proposed three specific avenues for collaboration: investing in and developing LNG infrastructure, ensuring a stable supply of LNG and establishing joint ventures with Vietnamese partners to expand market presence. The goal is to position Việt Nam as a key LNG distribution hub in the ASEAN region.

The minister commended Excelerate's proposal, highlighting the group's recent signing of a Memorandum of Understanding (MOU) with PV Gas for long-term LNG supply and the development of floating storage and regasification unit (FSRU) infrastructure.

The initiatives Excelerate is pursuing, such as sourcing LNG from the US, leasing FSRU vessels and transferring regasification technology, are well aligned with Việt Nam’s energy development strategy for the future, Diên added.

Vietnamese Minister of Industry and Trade Nguyễn Hồng Diên meets representatives from Excelerate. — Photo courtesy of MoIT

During a meeting with Google, led by Karan Bhatia, vice president for Government Relations and Public Policy, Diên acknowledged and praised Google's strategy in recognising Việt Nam’s pivotal role in the global supply chain restructuring process.

The minister said that this presents a significant opportunity to foster a sustainable, balanced and secure supply chain in the region.

He also encouraged Google to actively collaborate with domestic partners to evaluate the potential for localising input materials and to expand and diversify supply sources from neighbouring countries.

The Ministry of Industry and Trade (MoIT) pledged to support Google in connecting with local businesses, providing relevant information and exploring supportive policies related to infrastructure, logistics and taxation, should Google pursue further investments or enhance its supply chain capabilities in Việt Nam.

In response, Google expressed appreciation for Việt Nam’s support of its investment and business initiatives, reaffirming its commitment to work alongside Việt Nam in the ongoing trade negotiations with the US.

Vietnamese Minister of Industry and Trade Nguyễn Hồng Diên meets representatives from Excelerate. — Photo courtesy of MoIT

Meeting with representatives from SpaceX, Diên expressed his commitment to facilitating and resolving legal issues for the company's projects in Việt Nam.

He encouraged SpaceX to broaden its collaboration in areas such as information technology, clean energy and technology transfer, with a particular focus on training a highly skilled workforce.

"This initiative is viewed as a foundational step towards developing sustainable digital infrastructure in Việt Nam,” Diên noted.

SpaceX plans to invest approximately US$1.5 billion in Việt Nam to launch its Starlink satellite broadband service nationwide, targeting remote areas, border regions and islands.

In the initial phase, SpaceX aims to establish 10 to 15 ground stations across the country.

Vice President of SpaceX, Tim Hughes, identified Việt Nam as a strategic market in the global expansion of Starlink services.

He assured that the company is committed to investing in and developing infrastructure to provide modern, stable and affordable telecommunications services in Việt Nam.

"This initiative seeks to enhance connectivity for millions of Vietnamese citizens, especially in regions that are challenging to access with traditional networks," Hughes said.

Vietnamese Minister of Industry and Trade Nguyễn Hồng Diên meets representatives from Excelerate. — Photo courtesy of MoIT

During talks with representatives from the defence and aerospace conglomerate Lockheed Martin, the minister said that Việt Nam is preparing to launch a new generation satellite by the end of 2026.

As a result, the country seeks to expand its cooperation in aerospace, digital infrastructure, space sovereignty and national telecommunications capabilities while participating in Lockheed Martin's manufacturing supply chain.

Lockheed Martin is currently engaged with Việt Nam in the telecommunications sector through projects such as the VINASAT-1 satellite (2008) and VINASAT-2 satellite (2012).

The vice president of Lockheed Martin, Nancy Ziuzin, highlighted the potential and strategic importance of the Vietnamese market.

She emphasised the company's commitment to supporting Việt Nam’s development in key areas such as aviation, aerospace and defence technology.

Both parties agreed to establish a more regular cooperation mechanism, share information and facilitate technology transfer. 

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