Key Points
- Vietnamese and U.S. firms signed MoUs in energy, AI, and data center development at a U.S. business forum.
- Key deals include the energy technology transfer between PetroVietnam and KBR and the LNG cooperation between PTSC and Excelerate Energy.
- Sovico Group and Supermicro signed an MoU to collaborate on AI and data centers.
- Vietjet signed a $1.1 billion deal with Honeywell Aerospace for avionics and aviation services.
Vietnamese and U.S. firms have signed several memorandums of understanding (MoUs) to advance cooperation in energy, artificial intelligence (AI), and data centers, marking another step toward deeper economic ties between the two nations. These agreements were signed during a business forum held in the United States, with the Vietnamese government announcing the details in a statement on Tuesday.
Among the key deals is a significant agreement on energy technology transfer between PetroVietnam, Vietnam’s state-owned oil company, and Kellogg Brown & Root (KBR), a U.S.-based engineering and construction company. Another MoU focuses on liquefied natural gas (LNG) cooperation, signed by PTSC, a PetroVietnam subsidiary, and Excelerate Energy, a U.S.-based LNG company. These partnerships aim to boost Vietnam’s energy infrastructure and expand its access to advanced energy technology.
In the technology sector, Sovico Group, a leading Vietnamese conglomerate, signed an MoU with Supermicro, an American technology company, to collaborate on developing AI technologies and data centers. This partnership will bolster Vietnam’s growing tech industry by introducing advanced computing and AI capabilities.
In a major aviation deal, Vietnamese budget airline Vietjet signed a $1.1 billion cooperation agreement with Honeywell Aerospace Technologies, a U.S. aerospace company. Honeywell will provide avionics and aviation technical services for Vietjet’s aircraft fleet. This agreement further strengthens the ties between the two companies and reflects Vietjet’s efforts to modernize its aviation technology.
The business forum attended by prominent Vietnamese officials, including President To Lam, is part of Vietnam’s broader strategy to strengthen ties with the U.S. On Wednesday, President Lam is scheduled to meet U.S. President Joe Biden during the United Nations General Assembly in New York. During the forum, Lam emphasized the potential for increased collaboration between the two countries, expressing hope that the U.S. would become the largest source of foreign investment in Vietnam.
One significant issue discussed at the forum was Vietnam’s desire to be recognized as a market economy by the U.S. While Vietnam has long sought this upgrade, which would lower anti-dumping duties on its exports, the U.S. Commerce Department recently maintained its classification of Vietnam as a non-market economy, citing heavy state influence. Lam urged the U.S. government to reconsider this decision, though any review could take several months.
