In a significant move to strengthen economic ties, Vietnamese and U.S. firms signed several memorandums of understanding (MoUs) aimed at collaboration in the fields of energy, artificial intelligence, and data center development, according to a statement from the Vietnamese government on Tuesday.
The agreements were formalized during a business forum held in the United States, highlighting the growing partnership between the two nations. Key agreements include a technology transfer in energy signed between Vietnam’s state-owned PetroVietnam and the U.S. firm Kellogg Brown & Root, as well as a liquefied natural gas (LNG) cooperation arrangement between PetroVietnam’s subsidiary, PTSC, and Excelerate Energy. Additionally, Sovico Group partnered with Supermicro for AI and data center development.
Vietnam’s budget airline, Vietjet, also announced a $1.1 billion cooperation agreement with Honeywell Aerospace Technologies, which will provide crucial avionics and technical services for the airline’s aircraft fleet.
The forum saw the participation of Vietnamese President To Lam, who is scheduled to meet U.S. President Joe Biden on Wednesday during the United Nations General Assembly in New York. During the event, Lam expressed optimism about the potential for increased cooperation between the two countries and underscored Vietnam’s ambition for the U.S. to become its largest source of foreign investment.
Furthermore, Lam urged the U.S. government to recognize Vietnam as a market economy, a designation that could enhance trade relations. The U.S. Commerce Department, however, reaffirmed last month its classification of Vietnam as a non-market economy, a status that subjects the country to higher anti-dumping duties due to its perceived heavy state influence.
Vietnam has long sought an upgrade to its market economy status, which could significantly alleviate the financial burden imposed by these tariffs.
Related topics:
California Enacts Law to Restrict Smartphone Use in Schools Amid Mental Health Concerns
Coinbase and SEC Face Off in Court Over Crypto Regulation Dispute
Qualcomm’s Potential Intel Acquisition Raises Antitrust and Foundry Concerns