US Secretary of Commerce Wilbur Ross and a delegation of senior US government officials and executives from 17 leading companies in the country began a visit to Hanoi on November 8.
US Secretary of Commerce Wilbur Ross meets with Vietnamese Minister of Industry and Trade Tran Tuan Anh in Hanoi on November 8. Photo by the US Embassy in Vietnam
This visit is part of a larger trade mission to the Indo-Pacific region with stops in Bangkok, Thailand and Jakarta, Indonesia.
On Friday afternoon, he Secretary and business delegates met with Prime Minister Nguyen Xuan Phuc, Minister of Industry and Trade Tran Tuan Anh, the American Chamber of Commerce, and other Vietnam public and private sector stakeholders to discuss US-Vietnam trade and investment cooperation in the energy, healthcare, transportation, and smart cities sectors.
Secretary Ross and Prime Minister Phuc witnessed the signing of five major business agreements and Memorandums of Understanding (MOUs) that will further deepen the US-Vietnam trade partnership:
Virginia-based AES 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 of Vietnam approved the project in September 2019, representing an investment of USD1.7 billion. Together with the USD1.4 billion Son My LNG import terminal, the plant represents a total investment of almost USD3.1 billion and will play a major role in shaping Vietnam’s energy future by diversifying the energy mix. The power plant is expected to begin commercial operations in 2024.
California-based Varian Medical Systems signed an MOU with the National Institute of Medical Equipment & Construction for strategic cooperation on 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 USD1million to support a critical training program for healthcare professionals connected to the expansion of oncology services envisioned through the MOU.
Vietnam Airlines signed two deals during the ceremony. The first was a multi-year engine service agreement with Connecticut-based Pratt & Whitney valued at approximately USD1 billion. It also signed a multi-million-dollar agreement with Dallas, Texas-based technology company Sabre, adopting solutions that will strengthen their forecasting and inventory control capabilities, helping maximize revenue and setting the foundation for dynamic offer creation.
Arkansas-based Murphy Oil signed the Block 15-2/17 production sharing contract (PSC) with Vietnam National Oil and Gas Group (PetroVietnam), PVEP and SK Innovation.
During a luncheon co-hosted by the Vietnam Chamber of Commerce and Industry (VCCI) and BRG Group, the Secretary commented “As we mark 25 years of trade relations between the United States and Vietnam, I am glad to see business leaders here working towards greater business-to-business ties between our nations. I am joined by a delegation of U.S. companies that are also looking to grow this important relationship.”
Companies on the delegation include: 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.
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