Vietnam, US Strengthen Trade Ties with US $90.3 Billion in New Agreements

Vietnam’s leading corporations signed US $90.3 billion in trade agreements with US partners, covering LNG, aviation, and biofuels. These deals will boost jobs and investment from 2025 onward.

Phuong Nguyen

March 21, 2025 | 20:09

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During an official visit to the US, Minister of Industry and Trade Nguyen Hong Dien attended and witnessed the signing of economic cooperation agreements between Vietnamese and US businesses, with a total value of approximately US $90.3 billion.

Vietnam’s Minister of Industry and Trade Nguyen Hong Dien witnesses the signing of major economic and trade agreements between Vietnamese and US businesses. (Photo: MOIT)

The event was attended by Vietnamese Ambassador to the US Nguyen Quoc Dung, the Ministry of Industry and Trade delegation, and representatives from major Vietnamese corporations such as PVN, EVN, Petrolimex, TKV, and Masan, along with US partners and officials.

Speaking at the ceremony, Minister Nguyen Hong Dien highlighted that after 30 years of diplomatic relations and two years of upgrading to a Comprehensive Strategic Partnership, Vietnam-US relations have flourished across various sectors. In 2024, bilateral trade reached nearly US $150 billion, marking a 20.5 percent increase from the previous year. The US is currently Vietnam’s second-largest trading partner and one of the country's key suppliers of machinery, equipment, technology, and energy.

At the event, several significant cooperation agreements were signed, particularly in the energy sector. PetroVietnam Gas Corporation (PVGas) signed Memorandums of Understanding (MoUs) with ConocoPhillips and Excelerate for long-term liquefied natural gas (LNG) purchase agreements.

Binh Son Refining and Petrochemical Company (BSR) partnered with Kellogg Brown & Root (KBR) to conduct a pre-feasibility study on sustainable aviation fuel (SAF). Meanwhile, PetroVietnam Power Corporation (PVPower) and GE Vernova reached an agreement on the supply of equipment and services for PVPower's gas-fired power plants.

Additionally, Petrolimex, Vietnam’s leading petroleum distributor, signed an MoU with three top US ethanol associations, including the US Grains Council (USGC), Renewable Fuels Association (RFA), and Growth Energy, to enhance trade cooperation in biofuels. Petrolimex also inked an agreement with Marquis Energy to facilitate ethanol trade and imports, supporting Vietnam’s efforts to increase the adoption of biofuels.

The total value of the cooperation agreements between Vietnamese and US businesses is expected to reach US $90.3 billion from 2025 onwards. Of this, US $50.15 billion will be allocated for aircraft procurement, aviation services, oil and gas exploration, and refined petroleum imports. Agreements signed at the event amounted to US $4.15 billion, while the remaining US $36 billion is currently under negotiation and is expected to be finalized in the near future.

The signing of these agreements opens new economic growth opportunities and creates hundreds of thousands of jobs for workers in both countries. Moreover, it marks a significant step in enhancing Vietnam-US economic, trade, and investment cooperation, fostering a sustainable, balanced, and mutually beneficial partnership.

Vietnamese enterprises are increasing their presence in the US market. As of early 2025, more than 100 Vietnamese companies have registered for the Select USA 2025 event to explore investment opportunities in the US.

Minister Nguyen Hong Dien highlighted the immense potential for further cooperation, particularly in science and technology, innovation, research and development, semiconductor and artificial intelligence (AI) industries, renewable energy, financial services, biotechnology, and healthcare.

Vietnam seeks continued US support in facilitating business cooperation and investment, particularly in high-tech and innovation-driven sectors, the official stated.

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