Vietnam – US economic ties strengthened with multiple agreements
PetroVietnam Gas Joint Stock Corporation (PetroVietnam PV Gas) signed Memoranda of Understanding with ConocoPhillips, an independent exploration and production company, and Excelerate Energy regarding long-term liquefied natural gas (LNG) purchase agreements.
At a MoU signing ceremony between PV Gas and ConocoPhillips, Excelerate Energy (Photo: VNA)
Hanoi (VNA) - Vietnamese and US businesses on March 13 signed various economic and trade cooperation agreements as part of Special Envoy of the Prime Minister, Minister of Industry and Trade Nguyen Hong Dien’s working trip to the American country.
PetroVietnam Gas Joint Stock Corporation (PetroVietnam PV Gas) signed Memoranda of Understanding with ConocoPhillips, an independent exploration and production company, and Excelerate Energy regarding long-term liquefied natural gas (LNG) purchase agreements.
Binh Son Refining and Petrochemical Joint Stock Company (BSR) established a contract with Kellogg Brown & Root Services, Inc. (KBR) for pre-feasibility studies on sustainable aviation fuel.
At a MoU signing ceremony between PVPower and GE Vernova (Photo: VNA)
PetroVietnam Power Corporation (PVPower) and GE Vernova signed a Memorandum of Understanding on the procurement of equipment and services for gas-fired power plants developed by PVPower.
Meanwhile, the Vietnam National Petroleum Group (Petrolimex) inked MoUs with three leading US ethanol associations, namely US Grains Council, Renewable Fuels Association, and Growth Energy on ethanol supply. It also secured an MoU with Marquis Energy to facilitate biofuel transactions and imports. The agreements are significant as Vietnam is pushing its timeline for biofuel use.
Masan Group signed a letter of intent with the US International Development Finance Corporation (DFC) regarding financial support for deep mineral processing collaboration./.
NA Vice Chairwoman Nguyen Thi Thanh expressed her delight at the positive progress in the Vietnam - US relations, highlighting 2025 as a significant milestone marking 30 years since the normalisation of their ties.
Ambassador Dang Hoang Giang, Vietnamese Permanent Representative to the UN, affirmed that cinema plays a vital role as a cultural bridge, helping the two peoples become closer and understand each other over the 30 years of normalisation, development, and enhancement of bilateral relations.
Vietnam’s consistent policy is to build harmonious, sustainable, stable, and mutually-beneficial economic and trade ties with the US, he stated, adding that Vietnam has no intention to create any barriers that could harm the US’s workers or economic and national security.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
