24-9-2024 (HANOI) In a significant move towards strengthening economic ties between Vietnam and the United States, companies from both nations have inked several memorandums of understanding (MoUs) focusing on cutting-edge sectors. The agreements, spanning energy technology, liquefied natural gas (LNG) cooperation, artificial intelligence (AI), and data centre development, were formalised during a high-profile business forum in the United States.
The Vietnamese government, in an official statement released on Tuesday, highlighted the strategic importance of these collaborations. Among the key partnerships announced, state oil giant PetroVietnam has entered into an agreement with American engineering firm Kellogg Brown & Root for energy technology transfer. This alliance is expected to bolster Vietnam’s capabilities in the energy sector, potentially leading to more efficient and sustainable practices in oil and gas production.
In a parallel development, PetroVietnam Technical Services Corporation (PTSC), a subsidiary of PetroVietnam, has aligned with Excelerate Energy to explore opportunities in LNG cooperation. This partnership comes at a crucial time as Vietnam seeks to diversify its energy sources and reduce its carbon footprint, with LNG playing an increasingly important role in the country’s energy mix.
Perhaps most forward-looking is the MoU signed between Vietnam’s Sovico Group and US-based Supermicro, focusing on AI and data centre development. This collaboration signals Vietnam’s ambition to position itself as a regional tech hub, leveraging American expertise in these rapidly evolving fields.
The business forum, which served as the backdrop for these landmark agreements, was graced by the presence of Vietnamese President To Lam. The high-level attendance underscores the Vietnamese government’s commitment to fostering stronger economic bonds with the United States.
President Lam’s participation in the forum precedes his scheduled meeting with US President Joe Biden on Wednesday. The two leaders are set to convene on the sidelines of the United Nations General Assembly in New York, where discussions are expected to encompass a wide range of bilateral issues, including trade, security, and technological cooperation.
These latest developments come amid a broader trend of deepening economic ties between Vietnam and the United States. As Vietnam continues its trajectory of rapid economic growth and modernisation, partnerships with American firms in high-tech sectors are seen as crucial for knowledge transfer and technological advancement.
Dr. Nguyen Van Tuan, an economist at Hanoi National University, commented on the significance of these agreements: “These MoUs represent more than just business deals. They are a testament to Vietnam’s growing stature in the global economy and its attractiveness as a partner for cutting-edge American companies.”
