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Vietnam, US sign deals to boost economic partnership
A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. Photo by Reuters/Sergio Moraes.
Vietnamese and American government agencies and businesses have signed six major deals to boost their partnership in the electricity, fuel and food sectors.
The deals, signed during the Indo-Pacific Business Forum held in Hanoi Wednesday, include an agreement of the U.S. Trade and Development Agency (USTDA) to provide $935,000 to the Vietnam National Power Transmission Corporation (EVNNPT) to modernize its information technology, communications and power transmission systems, enabling future smart grid technology investments.The U.S. Grains Council and Vietnam’s Ministry of Industry and Trade signed a memorandum of understanding to expand the use and availability of ethanol in Vietnam. This is aimed to help Vietnam meet its fuel needs in an environmentally and economically sustainable manner.In another deal, fund management company VinaCapital and authorities of the southern Long An Province will collaborate with U.S.-based General Electric (GE) to develop the 3,000 MW Long An LNG-to-power project.GE will supply gas turbines and associated equipment and services.The Long An power project, previously registered as a coal-fired power plant, is among the largest power projects in the south of Vietnam. It presents a promising solution to power shortages facing the region while addressing key environmental impact concerns.It is estimated that the plant will generate up to 8 percent of Vietnam’s energy demand when commissioned.The Vietnam Trade Alliance, which represents a variety of Vietnamese pork buyers and producers, has agreed to purchase chilled and frozen pork worth $500 million from a group of U.S. sellers over three years.The U.S.-based AES Corporation and PetroVietnam Gas have agreed to jointly develop the $1.4 billion Son My LNG Import Terminal Project in the central province of Binh Thuan.The project is expected to help diversify Vietnam’s energy mix with imported LNG while meeting the country’s increasing demand for sustainable and affordable electricity.U.S. oil giant ExxonMobil, authorities of the northern port city of Hai Phong and Japanese power company JERA have signed a memorandum of understanding to work together on a potential integrated LNG-to-power project in the city.They will jointly study natural gas market development opportunities, including LNG import facilities and gas-fired power plants.ExxonMobil said that LNG-fueled power in Hai Phong will provide a more environmentally friendly alternative to the proposed coal projects incurrent power development master plan.Ann Marie Yastishock, mission director at the United States Agency for International Development (USAID) Vietnam, announced at the Indo-Pacific Business Forum the Vietnam Low Emission Energy Program (V-LEEP) II, designed to help the country bolster its energy security.The five-year, $36 million program aims to help develop a clean energy development scheme in Vietnam.