According to a statement from the Vietnamese government, Vietnamese and US businesses have reached several agreements to collaborate on energy, AI, and data infrastructure. These partnerships were sealed during a business forum in the US, marking a step forward in economic cooperation between the two nations.

The memorandums of understanding (MoUs) include vital agreements such as a technology transfer deal between PetroVietnam and Kellogg Brown and Root, a partnership on liquefied natural gas (LNG) between PetroVietnam’s subsidiary PTSC and Excelerate Energy, and an AI and data centre development collaboration between Sovico Group and U.S.-based Supermicro. Budget airline Vietjet signed a $1.1 billion deal with Honeywell Aerospace Technologies for avionics and technical services to support its aircraft fleet.

Vietnamese President attended the forum To Lam, who is set to meet with US President Joe Biden on the sidelines of the UN General Assembly in New York. Lam highlighted the potential for deeper collaboration between the two countries and expressed hope that the US would become Vietnam’s top foreign investor.

Vietnam has also been advocating for the US to officially recognise it as a market economy, a status that could ease trade tensions and reduce anti-dumping duties. However, the US Commerce Department recently classified Vietnam as a non-market economy, a designation Vietnam has long sought to change. If Vietnam reapplies, the process for review could take months.