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<\/p>\nAccording to the Vietnam Trade Office in the United States, within the framework of a working trip to attend the Offshore Technology Conference (OTC) held in Houston, a Vietnamese delegation led by Mr. Nguy\u1ec5n Vi\u1ec7t S\u01a1n, Director General of the Department of Oil, Gas and Coal under the Ministry of Industry and Trade, held a meeting with senior U.S. officials, including Mr. Bradley A. McKinney, Deputy Assistant Secretary at the U.S. Department of Commerce (DOC), and Mr. Kyle Haustveit, Assistant Secretary at the U.S. Department of Energy (DOE), along with representatives from specialized agencies in the fields of trade and energy.<\/p>\n
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During the meeting, both sides focused on discussing prospects for bilateral energy cooperation, the potential participation of U.S. enterprises in energy projects in Vietnam, as well as policy orientations related to trade and investment.<\/p>\n
The U.S. side reaffirmed the role of the U.S. Commercial Service in supporting businesses\u2019 expansion into international markets, while expressing its desire to serve as a bridge to facilitate deeper participation of U.S. enterprises in Vietnam\u2019s energy projects. Areas of particular interest include liquefied natural gas (LNG), gas-fired power generation, LNG import infrastructure, as well as integrated technology solutions, equipment, and technical services. The U.S. side also stated its readiness to mobilize its entire business ecosystem and financial support instruments to meet Vietnam\u2019s growing energy development needs in the coming period. <\/p>\n
On the Vietnamese side, the delegation shared an overview of the country\u2019s energy demand in the coming period, emphasizing the need to ensure energy security amid sustained high economic growth, with GDP growth targeted at over 8% in 2025 and electricity demand continuing to rise significantly.<\/p>\n
Vietnam is currently accelerating investment in energy infrastructure development, targeting the addition of approximately 22.5 GW of LNG-to-power capacity and the import of more than 18 million tons of LNG annually by 2030. LNG has been identified as a key transition fuel, contributing to the gradual reduction of coal dependence and supporting the country\u2019s sustainable energy transition process. <\/p>\n
Regarding specific cooperation promotion activities, the Vietnamese side provided updates on recent working sessions between the Vietnam National Industry \u2013 Energy Group (Petrovietnam) and its member units with U.S. partners. Accordingly, Petrovietnam and related enterprises have signed and exchanged multiple Memoranda of Understanding (MOUs) with major U.S. energy corporations, including Cheniere Energy, ExxonMobil, ConocoPhillips, and Excelerate Energy in the fields of LNG supply and gas value chain development. <\/p>\n
In addition, Vietnam has also engaged with international enterprises and consulting organizations such as McKinsey & Company to explore technical and financial solutions for large-scale energy projects. Cooperation with industrial corporations such as GE Vernova was also discussed, particularly in the fields of power generation technology and energy equipment. <\/p>\n
In the oil and gas sector, the Vietnamese side stated that the country currently operates two refineries with a total processing capacity of approximately 350,000 barrels per day and is actively diversifying its crude oil supply sources. In this regard, the United States is considered a potential supplier alongside traditional sources from the Middle East and other regions. Vietnamese enterprises have also signed multiple contracts to import crude oil and petrochemical feedstocks from the United States, with annual transaction values reaching hundreds of millions of U.S. dollars. <\/p>\n
A notable topic discussed during the meeting was the orientation of bilateral trade policy. The U.S. side emphasized the importance of promptly finalizing and signing a comprehensive reciprocal trade agreement between the two countries, viewing it as a foundation for promoting economic and trade cooperation, including in the energy sector. <\/p>\n
According to the U.S. side, Vietnam\u2019s proactive efforts to open its market and significantly reduce import tariffs on U.S. goods\u2014including many energy products whose tariff rates have been lowered to nearly 0% a positive signal that should be further materialized through broader commitments within the framework of a reciprocal trade agreement. This is expected to help reduce the U.S. trade deficit and move toward a more balanced bilateral trade relationship. <\/p>\n
The U.S. side also noted that recent tariff policies are adjustment-oriented and may continue to be eased in a more preferential direction for partners demonstrating goodwill in cooperation and implementing concrete measures to increase imports from the United States.<\/p>\n
Regarding financial support instruments, the U.S. side introduced several mechanisms, including the Export-Import Bank of the United States (EXIM Bank) and export financing programs for the energy sector, particularly in LNG and energy infrastructure. The United States recommended that Vietnam leverage these instruments to reduce capital costs, improve project financial efficiency, and facilitate greater participation of U.S. enterprises in the Vietnamese market. <\/p>\n
On the Vietnamese side, the delegation reaffirmed its demand for cooperation and highly appreciated the capabilities of U.S. enterprises, while also candidly raising several challenges that should be taken into consideration. Among these, pricing and logistics costs were identified as significant challenges, as geographical distance makes energy supplies from the United States more expensive than those from certain other markets, thereby affecting short-term competitiveness. Vietnam expressed its expectation that the United States would offer more competitive financial solutions, including export credit facilities, guarantee mechanisms, and risk-sharing arrangements.<\/p>\n
In the context of Vietnam\u2013United States relations having been elevated to a Comprehensive Strategic Partnership, the Vietnamese side proposed that the United States adopt a more appropriate approach aligned with the current level of trust and cooperation, thereby creating more favorable conditions for enterprises of both countries to implement substantive collaborative projects, particularly in high-tech and high value-added sectors.<\/p>\n
At the conclusion of the meeting, both sides agreed that the potential for Vietnam\u2013United States energy cooperation remains substantial and could become one of the key pillars of the bilateral economic relationship. The U.S. side reaffirmed its commitment to continuing support for business connectivity, investment promotion, and the provision of comprehensive solutions for energy projects in Vietnam.<\/p>\n
On the Vietnamese side, the delegation affirmed that Vietnam will continue improving the investment environment, facilitating the participation of U.S. enterprises in the market, while also promoting negotiations for long-term contracts to ensure a stable and sustainable energy supply.<\/p>\n
From the discussions, it can be seen that the United States is actively promoting energy exports as an important tool to reduce its trade deficit, while also linking energy cooperation with broader trade policy objectives. Meanwhile, Vietnam\u2019s growing energy development demand in the coming period is expected to create significant room for cooperation, in line with the potential and strategic direction of relations between the two countries.<\/p>\n