Vietnamese and American Firms Strengthen Partnership in Energy, AI, and Aviation

Oct 2024

In September 2024, Vietnamese and U.S. companies signed several memorandums of understanding (MoUs) to collaborate on energy, artificial intelligence (AI), and data center projects. These MoUs were finalized during a business forum in the U.S.

Among the agreements, PetroVietnam, Vietnam’s state-owned oil company, signed a deal with Kellogg Brown & Root for energy technology transfer, while its subsidiary PTSC entered into an LNG cooperation with Excelerate Energy.

Meanwhile, Sovico Group and Supermicro agreed to collaborate on artificial intelligence and data center development. In August, it was reported that Google was exploring the possibility of being the first U.S. hyperscaler to establish a data center in Vietnam, with talks underway about constructing a campus near Ho Chi Minh City.

Regarding aviation partnerships, Vietjet, the Vietnamese budget airline, signed a USD 1.1 billion agreement with Honeywell Aerospace Technologies, under which the U.S. company will provide avionics and technical services for Vietjet’s aircraft fleet.

The forum was attended by Vietnam’s President To Lam, who is also scheduled to meet with U.S. President Joe Biden during the United Nations General Assembly in New York. Lam highlighted the significant potential for cooperation between the two nations, expressing hope that the U.S. will become Vietnam’s largest source of foreign investment. He also voiced expectations that the U.S. government would soon recognize Vietnam as a market economy, which could further boost the bilateral trade.

(Sources: Reuters, Data Centre Dynamics)

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