During a recent visit to the United States by Vietnam’s trade minister, several Vietnamese companies signed major energy and mineral agreements with American firms. These deals are part of Vietnam’s broader efforts to reduce its trade surplus with the U.S.
State-owned PetroVietnam Power announced that it signed a memorandum of understanding (MoU) with GE Vernova to acquire equipment for gas-fired power plants. Although specific details were not disclosed, the total value of the agreements signed is estimated at USD 4.15 billion.
Additional agreements were also made between PetroVietnam Gas and U.S. energy firms ConocoPhillips and Excelerate Energy. Meanwhile, Vietnam’s oil refining company Binh Son reached a deal with engineering and construction giant Kellogg Brown & Root (KBR).
Vietnamese firms are also negotiating purchases of U.S. crude oil and liquefied natural gas (LNG), signaling a shift toward diversifying energy imports. In related moves, fuel trader Petrolimex established partnerships with U.S. agricultural and renewable fuel organizations, including the U.S. Grains Council, the Renewable Fuels Association, and Growth Energy. Masan Group, a major Vietnamese conglomerate, also entered into a mineral processing cooperation agreement with the U.S. International Development Finance Corporation.
(Source: Asia Financial)
