Vietnamese and U.S. enterprises have signed several cooperation agreements totaling US$4.15 billion, marking a significant step in strengthening energy collaboration within the framework of the comprehensive strategic partnership between the two nations.

The agreements were signed and announced at a ceremony held on Thursday during the working visit of Vietnamese Minister of Industry and Trade Nguyen Hong Dien to the Office of the U.S. Trade Representative as a special envoy of Prime Minister Pham Minh Chinh. 

PetroVietnam Gas has finalized memorandums of understanding (MoUs) with ConocoPhillips and Excelerate Energy for long-term liquefied natural gas (LNG) trade agreements. 

Binh Son Refining and Petrochemical Joint Stock Company (BSR) has entered into a consulting contract with Kellogg Brown & Root to conduct a pre-feasibility study on sustainable aviation fuel. This agreement represents a strategic step that will allow BSR to access advanced technologies for energy transition and carbon emission reduction. 

PetroVietnam Power Corporation has also established an MoU with GE Vernova for the procurement of equipment and services for gas-fired power plants.

Vietnam National Petroleum Group (Petrolimex) has formalized an MoU with three leading U.S. ethanol suppliers – U.S. Grains Council, Renewable Fuels Association, and Growth Energy – to enhance biofuel cooperation. 

Additionally, Petrolimex has partnered with Marquis Energy through another MoU to facilitate transactions and imports of biofuels. This collaboration holds particular significance as Vietnam accelerates efforts to expand biofuel adoption.

Beyond these agreements, negotiations are ongoing for additional deals, with an estimated total value of $36 billion in the near future.

Speaking at the signing ceremony, Minister Dien emphasized the strong and growing relationship between Vietnam and the U.S. Over the past 30 years of diplomatic ties, a decade of comprehensive partnership, and two years of comprehensive strategic partnership, bilateral relations have expanded across multiple sectors.

Economic, trade, and investment ties remain central to this relationship. In 2024, bilateral trade reached nearly $150 billion, marking a 20.5 percent increase from the previous year. 

The U.S. has become Vietnam’s second-largest trading partner and a key export market while also emerging as a major supplier of machinery, technology, and energy products.

In terms of investment, the U.S. remains one of Vietnam’s leading investment partners, with most major American corporations having established a presence and successfully conducted business in Vietnam.

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

Minister 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 U.S. support in facilitating business cooperation and investment, particularly in high-tech and innovation-driven sectors, the official stated.

According to the ministry, from this year onward, Vietnam and the U.S. plan to implement a series of economic and trade agreements valued at approximately $90.3 billion. These agreements are expected to create hundreds of thousands of jobs in both countries.

A significant portion of this investment, around $50.15 billion, will be directed toward purchases of aircraft, aviation services, oil and gas exploration, and imports of refined petroleum products.

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