Vietnam, U.S. Firms Sign Nearly $4.2B in Trade Deals
On March 13, Vietnamese and U.S. businesses signed cooperation agreements and procurement contracts totaling $4.15 billion, marking a major step in enhancing bilateral economic ties.
This signing was part of a working visit to Washington by Vietnam’s Minister of Industry and Trade Nguyễn Hồng Diên, acting as a special envoy of the Prime Minister.
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Expanding Strategic Trade Relations
The newly signed deals cover sectors such as LNG, sustainable aviation fuel, power plant equipment, ethanol, and mineral processing finance. Notable agreements include:
- PV GAS & ConocoPhillips: Long-term LNG supply (MoU)
- BSR & KBR: SAF feasibility study contract
- PVPower & GE Vernova: Equipment procurement for gas power plants (MoU)
- Petrolimex & U.S. Ethanol Associations: Biofuel supply (MoU)
- Masan & U.S. DFC: Finance for mineral processing (Letter of Intent)
Combined with earlier deals—worth $50.15B—and upcoming negotiations for $36B, the total projected trade value is $90.3B, with potential to create hundreds of thousands of jobs in both countries.
Commitment to Balanced, Long-Term Growth
Minister Diên emphasized Vietnam’s commitment to a balanced, sustainable trade relationship with the U.S., noting these agreements reflect efforts to expand imports and address trade imbalances.
He also urged further cooperation in technology, semiconductors, AI, biotech, renewable energy, and financial services, calling for U.S. support in enabling Vietnamese firms to scale globally.
Strong Foundation for Strategic Partnership
Vietnam and the U.S. officially upgraded ties to a Comprehensive Strategic Partnership in September 2023. The U.S. is currently Vietnam’s second-largest export market, with 2023 bilateral trade nearing $150 billion.
Vietnam’s long-term policy aims to ensure no barriers that may affect U.S. economic security, and the country continues to pursue MFN tariff reductions, creating favorable conditions for U.S. goods like autos, LNG, and agricultural exports.
Looking Ahead
Vietnam’s Ministry of Industry and Trade is actively communicating its commitment to free trade, economic cooperation, and strategic trust. With strengthened collaboration, both countries are poised to deepen their partnership across economic, technological, and security domains.
