US firms deepen energy engagement with Vietnam

The MoU signing between the Binh Son Refining and Petrochemical JSC and US energy group Chevron. Photo: VNA

On February 3, Binh Son Refining and Petrochemical JSC signed memorandums of understanding with US companies, including Chevron Supply and Trading, Marquis Energy, and ADM Asia-Pacific Trading.

The agreements cover crude oil supply for the Dung Quat Oil Refinery, potential imports of ethanol biofuel from the US, and the provision of corn as feedstock for ethanol production in Vietnam.

The signing was witnessed by Acting Minister of Industry and Trade Le Manh Hung. The deal marks a new step forward in bilateral energy cooperation.

Barbara Harrison, vice president for crude supply and trading at Chevron said, "The firm aims to continue supplying US-produced crude and other grades to support reliable energy production in Vietnam. Chevron hopes to increase volumes and is targeting around 4 to 5 million barrels next year."

Minister Hung also met Roger Romulus Martella, president and CEO of GE Vernova, on the sidelines of the sixth round of negotiations on a Vietnam–US trade agreement on February 3.

"The group is currently supplying equipment and power generation turbines contributing to approximately 36 per cent of Vietnam's total electricity output, underscoring GE's deep engagement and significant role in the national power system. GE plans to organise the group's Global Summit in Hanoi in March 2026 and respectfully invites the acting minister to attend and deliver a keynote address at the event," Martella said.

Minister Hung said, "GE is a major partner with long-standing and substantive contributions to Vietnam. The presence of advanced technologies and equipment supplied by GE at key power projects has played an important role in enhancing generation capacity, while also facilitating the transfer of technological value and advanced management experience, thereby gradually elevating the overall level of Vietnam's energy sector."

"GE continues to work closely with Vietnam, prioritising the acceleration of equipment and turbine delivery for ongoing projects to help ensure the schedule of key power source developments," he said.

Acting Minister Le Manh Hung holds talks with Roger Romulus Martella, president and CEO of GE Vernova

He also urged GE to strengthen support for the Vietnam Oil and Gas Group in completing the Long Phu 1 project, while studying the possibility of establishing a center for equipment supply, operation and maintenance of power plants in Vietnam. Such a center could be developed in coordination with domestic enterprises such as Vietnam Electricity and PV Power, with the aim of enhancing supply chain autonomy and improving human resource quality.

On the sidelines of the negotiation round, on February 1, Hung also received Juan Ignacio Rubiolo, CEO of AES Corporation, for discussions on energy investment cooperation and other issues of mutual interest in Vietnam's power sector.

"AES is committed to long-term engagement, investment and business operations in Vietnam. AES acknowledges and highly appreciates the efforts of the Ministry of Industry and Trade in improving the policy framework for power sector development, viewing this as a key factor in building confidence and stability for international investors," Rubio said.

Hung said, "Vietnam's electricity demand is rising rapidly in parallel with the recovery and growth of the economy. Within the national power mix, liquefied natural gas-fired power is identified as an important baseload source, contributing to energy while serving as a bridge in the transition from traditional fossil fuel-based power generation to a cleaner and more sustainable energy system."

Beyond energy cooperation, Hung suggested that AES, as a leading US energy group, continues to accompany Vietnam and lend its support during the negotiations of the reciprocal trade agreement between the two countries, thereby contributing to the consolidation of the Vietnam - US Comprehensive Strategic Partnership.

Vietnam and US to launch sixth trade negotiation round Vietnam and the United States are expected to launch the sixth negotiation for the Reciprocal Trade Agreement next week.

Vietnam is ready to increase purchases of US goods Vietnam is willing to step up imports from the US, with a focus on machinery, equipment, and high technologies.

Vietnamese businesses diversify amid global trade shifts Domestic companies are increasing diversification across Southeast Asia while expanding into Latin America and other global markets, unlocking new growth opportunities amid a changing global trade landscape.