Major Vietnamese corporations sign a series of economic agreements worth 90.3 billion USD with the US

Vietnam's leading corporations have signed a series of economic and trade agreements with the US worth a total of 90.3 billion USD. Expected to be implemented from 2025, creating hundreds of thousands of jobs for workers in both countries.

More than 100 Vietnamese businesses seek investment opportunities in the United States

During his working trip to the United States, working 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 the signing ceremony and announcement of cooperation agreements, contracts for purchasing machinery, equipment, raw materials, services and goods between Vietnamese and US enterprises.

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. In particular, the economic - trade - investment pillar plays a key role in promoting the overall bilateral relationship.

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. At the same time, the United States is gradually becoming a source of machinery, equipment, science and technology, and energy products for Vietnam.

Minister Nguyen Hong Dien witnessed large Vietnamese enterprises signing a series of economic and trade cooperation agreements with US enterprises. Photo: MOIT

Besides, 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.

On the other hand, more and more Vietnamese enterprises have invested in the US market. To date, more than 100 Vietnamese enterprises have registered to attend the Select USA 2025 event to learn about investment and business opportunities in the US.

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 and technology, innovation, research and development.

He also emphasized the potential for cooperation in developing the chip industry, semiconductors, artificial intelligence (AI), internet of things (IOT); new energy, renewable energy; finance, financial centers; biotechnology, healthcare, etc.

Vietnam hopes that the United States will continue to create conditions and support businesses of the two countries to expand cooperation and effective business investment, especially projects in science, technology, and innovation, Minister Nguyen Hong Dien expressed.

Total value of economic and trade agreements reached 90.3 billion USD

At the ceremony, witnessed by Minister Nguyen Hong Dien, many important cooperation agreements with a total value of 4.15 billion USD were signed.

Specifically, PetroVietnam Gas Corporation (PVGas) has signed Memorandums of Understanding (MOUs) with Conoco Phillips Corporation. PVGas has also 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 signed a consulting contract with Kellogg Brown & Root Group to conduct a pre-feasibility study on sustainable aviation fuel.

PetroVietnam Power Corporation 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.

Vietnam National Petroleum Group (Petrolimex) has signed a Memorandum of Understanding on ethanol supply with three leading US Ethanol Supplier Associations to establish a cooperation agreement and expand bilateral trade between Petrolimex and the US ethanol industry.

Petrolimex also signed a Memorandum of Understanding with Marquis Energy to facilitate transactions and imports of biofuels.

Accordingly, the total value of economic and trade agreements signed between Vietnamese and US enterprises is expected to be implemented from 2025 at about 90.3 billion USD, creating hundreds of thousands of jobs for workers in both countries.

Of which, the signed contracts and agreements 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 on March 13 are worth $4.15 billion. The agreements being negotiated by businesses on both sides and expected to be signed in the near future are worth about $36 billion.

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. Along with that, it contributes towards a harmonious and sustainable trade balance.

Vietnamnet.vn

Source: https://vietnamnet.vn/cac-tap-doan-lon-viet-nam-ky-loat-thoa-thuan-kinh-te-gia-tri-90-3-ty-usd-voi-my-2380891.html