Several agreements in the energy and mineral sector were estimated at $4.15 billion this week as American and Vietnamese businesses seek to avoid US tariffs and boost cooperation with US companies.
Vietnam's Trade Minister Nguyen Hong Dien visited the United States this week to discuss bilateral economic and trade cooperation with US trade representative Jamie Son L. Greer, Vietnam's national media reported.
“Vietnam's consistent policy is to build harmonious, sustainable, stable, mutually beneficial economic and trade relations with the United States,” the Vietnamese minister was quoted as saying.
“Vietnam has no intention of creating barriers that could harm U.S. workers and economic and national security,” the minister added.
The US-Vietnam deal included Petroviet Nam Gas Corporation, which signed a long-term LNG agreement with Conoco Phillips and expanded energy, Vietnam News reported.
Among other transactions, Bìnhs? n Refining and Petrochemical JSC partnered with Kellogg Brown & Root to conduct research on sustainable aviation fuels.
The Masan Group has signed the MOU with the US International Development Finance Corporation to financially support its deep mineral processing projects.
The Fuel Trader Vietnam National Petroleum Group (Petrolimex) and the US Ethanol Suppliers US Grains Council (USGC), the Renewable Fuels Association (RFA) and Growth Energy (Growth) have agreed to boost Biofuels trade.
The deal is valued at $4.15 billion, according to a Petrovitnam power statement cited by Reuters.
Vietnam is also pushing for the US to recognize its economy as a “market economy” and remove its “non-market economy” status.
“This will be an important decision that reflects the status of our comprehensive strategic partnership,” Trade Minister Dien was quoted as saying by the Vietnamese national media.
“Vietnam needs to take stronger measures to open up more markets and improve the trade balance between the two countries,” said U.S. trade representative Greer.
By Charles Kennedy of oilprice.com
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