During an official visit to the United States, Vietnam’s Minister of Industry and Trade Nguyen Hong Dien, acting as the Prime Minister’s Special Envoy, held discussions with the United States Trade Representative (USTR), the Department of Energy (DOE), and other agencies.

The visit also included a ceremony for signing and announcing cooperation agreements between Vietnamese and American enterprises.

At the event, Minister Nguyen Hong Dien emphasized that after 30 years of diplomatic relations, 10 years of comprehensive partnership, and 2 years of strategic comprehensive partnership, economic cooperation has become a key pillar in the Vietnam–US relationship.

In 2024, bilateral trade reached nearly $150 billion, marking a 20.5% increase compared to the previous year. The US is now Vietnam’s second-largest trading partner and one of its most important export markets. In return, the US has become a major supplier of machinery, technology, and energy products for Vietnam.

Minister Dien also highlighted that the US remains a top investor in Vietnam, with most major American corporations actively investing and thriving in the Vietnamese market. Similarly, an increasing number of Vietnamese businesses are investing in the United States.

To date, over 100 Vietnamese enterprises have registered for Select USA 2025, an event aimed at exploring business and investment opportunities in the US.

During discussions with US officials, Minister Dien emphasized Vietnam’s strong interest in expanding collaboration in semiconductor technology, artificial intelligence (AI), the Internet of Things (IoT), renewable energy, financial services, biotechnology, and healthcare. He also called on the US government to support and facilitate bilateral business cooperation, particularly in the fields of science, technology, and innovation.

Vietnam–US trade agreements reach $90.3 billion

At the signing event, several major agreements totaling $4.15 billion were signed in the presence of Minister Nguyen Hong Dien.

Key agreements included:

PetroVietnam Gas (PVGas) signed memoranda of understanding (MOUs) with ConocoPhillips and Excelerate Energy for long-term liquefied natural gas (LNG) trade.

Binh Son Refining and Petrochemical JSC partnered with Kellogg Brown & Root (KBR) to conduct a pre-feasibility study on sustainable aviation fuel.

PetroVietnam Power and GE Vernova signed an MOU for purchasing equipment and services for PVPower’s gas-fired power plants.

Petrolimex signed an MOU with three leading US ethanol suppliers to enhance bilateral trade and establish a stable ethanol supply chain.

Petrolimex also signed an MOU with Marquis Energy to facilitate biofuel imports and transactions.

The total value of agreements between Vietnamese and US businesses, set to be implemented from 2025 onward, is estimated at $90.3 billion, expected to generate hundreds of thousands of jobs.

Of this, $50.15 billion in signed agreements will begin implementation in 2025, focusing on aircraft procurement, aviation services, oil and gas exploration, and petroleum imports.

$4.15 billion in agreements were signed on March 13, 2024.

$36 billion in deals are currently under negotiation and are expected to be finalized soon.

The signing of these agreements marks a significant step forward in strengthening Vietnam–US economic ties, enhancing trade and investment collaboration. It also aligns with both countries’ commitment to balancing and sustaining a mutually beneficial trade relationship.

Tam An