Also attending the event were Nguyen Quoc Dung, Embassy of the Socialist Republic of Vietnam in the United States, along with a delegation from the Ministry of Industry and Trade, representatives of the leadership of National Energy Industry Corporation (Petrovietnam) along with member companies (BSR, PVGas, PVPower), Vietnam Electricity (EVN), Vietnam National Petroleum Group (Petrolimex), Vietnam National Coal and Mineral Industries Group (TKV), Masan Group, and U.S. partners.

Speaking at the signing and announcement ceremony, Minister Nguyen Hong Dien emphasized that after 30 years of diplomatic relations, 10 years of comprehensive partnership, and two years of upgrading to a comprehensive strategic partnership, the relationship between the two countries has been growing positively and steadily across all sectors. Among them, economic, trade, and investment cooperation serve as the key drivers promoting the overall bilateral relationship.

In terms of trade, bilateral trade turnover in 2024 reached nearly 150 billion USD, marking a 20.5% increase compared to the same period last year. The United States has become Vietnam’s second-largest trading partner and one of its most important export markets. At the same time, it is gradually becoming a key supplier of machinery, equipment, science and technology products, and energy for Vietnam.

Regarding investment, the United States remains one of Vietnam’s leading investment partners, with most major U.S. corporations having established a presence and successfully operating in Vietnam. Meanwhile, an increasing number of Vietnamese enterprises are investing in the U.S. market. As of early 2025, more than 100 Vietnamese businesses have registered to participate in the Select USA 2025 event to explore investment and business opportunities in the United States.

Sharing the results of working with US agencies, Minister Nguyen Hong Dien stated that the potential for cooperation between Vietnam and the United States is still very large, particularly in areas such as science and technology, innovation, research and development; the semiconductor and chip industry, artificial intelligence (AI), the Internet of Things (IOT); new and renewable energy; finance and financial hubs; biotechnology, and healthcare. Vietnam hopes that the United States will continue to facilitate and support businesses from both countries in expanding effective cooperation and investment, especially in science and technology innovation projects.

In the spirit of further strengthening Vietnam-U.S. economic, trade, and investment cooperation, and under the witness of Minister Nguyen Hong Dien, several significant and high-value cooperation agreements were signed between the parties.

Binh Son Refining and Petrochemical Joint Stock Company (BSR) signed a contract with Kellogg Brown & Root (KBR) for a pre-feasibility study on sustainable aviation fuel (SAF). This agreement marks a strategic step for BSR, enabling access to advanced technologies and technical solutions for energy transition and carbon emission reduction. At the same time, it provides an opportunity for BSR to expand its investments in new energy and sustainable fuel projects, playing a crucial role in Vietnam's and the global energy transition and decarbonization efforts.

The total value of projects generated from the agreements signed during this occasion is estimated to reach approximately 4.15 billion USD, creating hundreds of thousands of jobs for workers in both countries. Previously signed long-term procurement agreements from the United States will be implemented starting in 2025, with an expected value of over 50 billion USD, focusing on the import of aircraft, aviation services, oil and gas exploration, and refined petrochemical products. Additionally, businesses from both sides are continuing discussions and negotiations on agreements for crude oil and liquefied natural gas (LNG) imports, petrochemical equipment, power supply projects through an underground cable system, and other electricity projects, which are projected to generate around 36 billion USD in value in the future.

BSR