BizLIVE - The deals were signed between major companies from the U.S. and Vietnam as President Trump is seeking to promote his "America First" policy.
Vietnam, U.S. Firms Ink $12-Billion Deals as President Trump Drums up “America First”
Vietnamese President Tran Dai Quang and his U.S. counterpart Donald Trump witness the signing of agreements in Hanoi on Nov. 12. Photo: Internet
Businesses from Vietnam and the United States have signed cooperation agreements that had a combined value of $12 billion as U.S. President Donald Trump visited the Southeast Asian country to promote his “America First” policy.
The agreements were inked in the presence of Vietnamese President Tran Dai Quang and President Donald Trump after their talks in Hanoi on November 12.
Among the major documents signed, PetroVietnam Gas Joint Stock Corporation (PV Gas), the biggest gas firm in Vietnam, struck a memorandum of understanding (MoU) on the $1.3-billion Son My natural liquefied petroleum gas warehouse with energy giant AES Group Ltd.
The Vietnamese firm signed another MoU on cooperation with Alaska Gasline Development Corporation in natural liquefied petroleum gas provision and upstream investment.
A contract on the selection of aircraft engines and support services and a MoU on the maintenance of aircraft engines were sealed between Vietnam Airlines and aerospace manufacturer Pratt & Whitney.
Meanwhile, low-cost carrier VietJet Air and Pratt & Whitney signed a $1.5-billion contract on purchasing and maintaining aircraft engines.
Navistar International Corporation and its Vietnam distributor Hoang Huy Company signed a MoU to export up to $1.8 billion in vehicles and parts to Vietnam over the next ten years.
President Trump arrived in Da Nang, the third-largest city in Vietnam, on November 10 to attend the APEC Economic Leaders’ Summit. He then flew to Hanoi on November 11 to start a two-day official state visit to Vietnam.
This visit came in a time when trade and economic ties between the two countries have grown rapidly. In May this year, Prime Minister Nguyen Xuan Phuc paid an official visit to the U.S. where he was hosted by President Trump and up to $8 billion worth of commercial deals were signed.