Vietnamese and U.S. companies have entered into several memorandums of understanding (MoUs) aimed at boosting collaboration in energy, artificial intelligence, and data center development, according to the Vietnamese government on Tuesday. These agreements were made during a business forum held in the United States, underscoring the growing economic ties between the two nations.
Key MoUs include an energy technology transfer agreement signed by Vietnam’s state-owned PetroVietnam and Kellogg Brown & Root, a liquefied natural gas (LNG) cooperation between PetroVietnam’s subsidiary PTSC and Excelerate Energy, and an AI and data center development deal between Sovico Group and Supermicro.
Additionally, Vietjet, Vietnam’s budget airline, revealed that it had inked a $1.1-billion cooperation agreement with Honeywell Aerospace Technologies, focusing on avionics and aviation technical services for Vietjet’s aircraft fleet.
The business forum was attended by Vietnamese President To Lam, who is also scheduled to meet with U.S. President Joe Biden on Wednesday, alongside the United Nations General Assembly in New York. In his remarks, Lam emphasized the potential for expanded collaboration between the two countries and expressed hope that the U.S. would soon become Vietnam’s top foreign investor.
Lam also reiterated Vietnam’s long-standing ambition for the U.S. to recognize it as a market economy, a designation that would alleviate punitive anti-dumping duties levied against Vietnam. However, the U.S. Commerce Department stated last month that it would maintain Vietnam’s classification as a non-market economy, a decision that will take time to reconsider if Vietnam applies for a status change.
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