American and Vietnamese companies signed this week several agreements in the energy and minerals sectors estimated to be worth $4.15 billion, as the Southeast Asian country looks to avoid U.S. tariffs and boost cooperation with U.S. firms.
Vietnam’s Trade Minister Nguyen Hong Dien visited the United States this week and held talks with the US Trade Representative Jamieson L. Greer to advance bilateral economic and trade cooperation, Vietnamese state media reported.
“Vietnam’s consistent policy is to build harmonious, sustainable, stable, and mutually-beneficial economic and trade ties with the US,” the Vietnamese minister was quoted as saying.
“Vietnam has no intention to create any barriers that could harm the US’s workers or economic and national security,” the minister added.
The U.S.-Vietnamese agreements included PetroVietnam Gas Corporation signing long-term LNG contracts with Conoco Phillips and Excelerate Energy, Viet Nam News reported.
Among the other deals, Bình S?n Refining and Petrochemical JSC partnered with Kellogg Brown & Root for a study on sustainable aviation fuel, while PetroVietnam Power signed a Memorandum of Understanding (MoU) with GE Vernova for gas-fired power plant equipment.
Masan Group signed a MoU with the US International Development Finance Corporation for financial support in deep mineral processing projects.
Fuel trader Vietnam National Petroleum Group (Petrolimex) and top US ethanol suppliers US Grains Council (USGC), Renewable Fuels Association (RFA), and Growth Energy (GROWTH) agreed to boost biofuels trade.
The agreements are valued at $4.15 billion, according to a PetroVietnam Power statement cited by Reuters.
Vietnam is also pushing for the U.S. to recognize its economy as a “market economy” and remove the “non-market economy” status.
“This would be a significant decision, reflecting the status of our comprehensive strategic partnership,” Trade Minister Dien was quoted as saying by Vietnam’s state media.
U.S. Trade Representative Greer said, “Vietnam needs to take stronger measures to further open its market and improve the trade balance between our two countries.”
By Charles Kennedy for Oilprice.com
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