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US-Vietnam sign five business agreements and MoUs

Released at: 14:35, 09/11/2019

US-Vietnam sign five business agreements and MoUs

Photo: US Embassy Hanoi

Agreements and MoUs signed in presence of Prime Minister Nguyen Xuan Phuc and US Secretary of Commerce Wilbur Ross.

by Ngoc Lan

Prime Minister Nguyen Xuan Phuc and US Secretary of Commerce Wilbur Ross witnessed the signing of five major business agreements and MoUs on November 8 that will further deepen the US-Vietnam trade partnership.

The Virginia-based AES Corporation signed an MoU with the Ministry of Industry and Trade to solidify cooperation on the Son My 2 Combined Cycle Gas Turbine Power Plant. The government approved the project in September, which has investment of $1.7 billion. Together with the $1.4 billion Son My LNG import terminal, the plant represents total investment of almost $3.1 billion from AES and will play a major role in shaping Vietnam’s energy future by diversifying its energy mix. The plant is expected to begin commercial operations in 2024.

The California-based Varian Medical Systems signed an MoU with the National Institute of Medical Equipment & Construction on strategic cooperation in the maintenance and calibration of existing and future Varian Linear Accelerators. This will help maximize the number of cancer patients that can be treated on each Varian machine per day. To further the delivery of effective cancer treatment in Vietnam, the US Trade and Development Agency (USTDA) committed up to $1 million to support a critical training program for healthcare professionals connected to the expansion of oncology services envisioned through the MoU.

Vietnam Airlines, meanwhile, signed two deals during the ceremony. The first was a multi-year engine service agreement with the Connecticut-based Pratt & Whitney valued at approximately $1 billion. The other was a multi-million-dollar agreement with the Dallas-based technology company Sabre, adopting solutions that will strengthen forecasting and inventory control capabilities, helping maximize revenue and setting the foundation for dynamic offer creation.

The Arkansas-based Murphy Oil signed a Block 15-2/17 production sharing contract (PSC) with the Vietnam National Oil and Gas Group (PetroVietnam), PVEP, and SK Innovation.

“We mark 25 years of trade relations between the US and Vietnam and I am glad to see business leaders here working towards greater business-to-business ties between our nations,” Secretary Ross said. “I am joined by a delegation of US companies that are also looking to grow this important relationship.”

On November 7, US Ambassador to Vietnam H.E. Daniel J. Kritenbrink welcomed Secretary Ross and a delegation of senior US government officials and executives from 17 leading US companies to Hanoi. This visit is part of a larger trade mission to the Indo-Pacific region, with stops in Bangkok and Jakarta.

While in Hanoi, the Secretary and business delegates met with Prime Minister Phuc, Minister of Industry and Trade Tran Tuan Anh, the American Chamber of Commerce, and other Vietnamese public and private sector stakeholders to discuss US-Vietnam trade and investment cooperation in the energy, healthcare, transportation, and smart cities sectors.

Companies in the delegation include the AES Corporation, Baxter International, Bechtel, Bell Textron, Boeing, Capstone Turbine Company, Cheniere Energy, Citi, Honeywell International, LNG Limited/Magnolia LNG, Lockheed Martin, Qualcomm, Securiport, Sierra Nevada, Tellurian, Tesla, and Varian Medical Systems, as well as the American Council of Engineering Companies.

The Trump Administration remains committed to a free and open Indo-Pacific in which all nations are sovereign, strong, and prosperous. Therefore, this mission reflects the Secretary’s strong commitment to catalyzing US private sector support of market-driven and sustainable infrastructure development.

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