U.S. companies sign billions in deals with Vietnam

Reuters

U.S. President Donald Trump welcomes Vietnam’s Prime Minister Nguyen Xuan Phuc at the White House in Washington, U.S. May 31, 2017. REUTERS/Jonathan Ernst

U.S. President Donald Trump welcomes Vietnam’s Prime Minister Nguyen Xuan Phuc at the White House in Washington, U.S. May 31, 2017. REUTERS/Jonathan Ernst
By Alwyn Scott and Mike Stone | SEATTLE/WASHINGTON

U.S. industrial companies General Electric Co (GE.N) and Caterpillar Inc (CAT.N) made deals with Vietnam worth billions of dollars as Vietnamese Prime Minister Nguyen Xuan Phuc continued his three-day trip to the United States.

Phuc’s trip included a meeting with President Donald Trump Wednesday afternoon at the White House as well as the signing of deals with U.S. companies for high-tech goods and services worth $15 billion to $17 billion when GE and Caterpillar are included.

The U.S. wants “Vietnam to bring some ideas about how to tackle the surplus on an ongoing basis,” said Murray Hiebert, a Southeast Asia expert at the Center for Strategic and International Studies, referring to the multibillion-dollar trade surplus that Vietnam runs annually with the United States.

“I heard from U.S. officials ahead of the trip that just signing deals with U.S. companies was nice but not enough.”

General Electric said on Wednesday it had signed deals in Vietnam worth about $5.58 billion for power generation, aircraft engines and services, its largest single combined sale with the country in GE’s history.

GE’s agreement with Vietjet Aviation JSC VJC.HM includes 20 jet engines made by CFM International, a joint venture of GE and Safran SA (SAF.PA) of France. It also includes a 12-year engine service contract for 215 LEAP-1B engines on 100 Boeing 737 MAX aircraft that Vietjet has ordered, GE said.

GE’s power unit signed a memorandum of understanding to build two 750-megawatt gas fired turbine power plants in conjunction with state energy group PetroVietnam, using the Blue Whale Gas Field. PetroVietnam signed an agreement with the Vietnamese unit of Exxon Mobil Corp (XOM.N) in January to develop the field, Vietnam’s largest gas project.

GE also signed a joint development agreement to erect an 800-megawatt wind power facility. Partners in the agreement are Phu Cuong Group and International Mainstream Renewable Power, GE said.

Caterpillar and its dealer in Vietnam, Phu Thai Cat, agreed to provide generator management technology for more than 100 generators in Vietnam, the company said. The technology would allow for remote function monitoring including fuel, temperature and pressure. The value of the Caterpillar deal was not disclosed.

GE’s shares ended regular trading on Wednesday up 2 cents at $27.38 on the New York Stock Exchange. Caterpillar shares finished down 4 cents at $105.43, also on the NYSE.

(Reporting by Alwyn Scott in Seattle, Mike Stone and David Brunnstrom in Washington and Rachit Vats in Bangalore; Editing by David Gregorio and Steve Orlofsky)

 

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This entry was posted in US-VN Military Relationship - Quan hệ quốc phòng Việt Mỹ, US-VN Relationship - Quan hệ Việt Mỹ, US-VN Trade - Thương mại Việt Mỹ and tagged , , by Trần Đình Hoành. Bookmark the permalink.

About Trần Đình Hoành

I am an attorney in the Washington DC area, with a Doctor of Law in the US, attended the master program at the National School of Administration of Việt Nam, and graduated from Sài Gòn University Law School. I aso studied philosophy at the School of Letters in Sài Gòn. I have worked as an anti-trust attorney for Federal Trade Commission and a litigator for a fortune-100 telecom company in Washington DC. I have taught law courses for legal professionals in Việt Nam and still counsel VN government agencies on legal matters. I have founded and managed businesses for me and my family, both law and non-law. I have published many articles on national newspapers and radio stations in Việt Nam. In 1989 I was one of the founding members of US-VN Trade Council, working to re-establish US-VN relationship. Since the early 90's, I have established and managed VNFORUM and VNBIZ forum on VN-related matters; these forums are the subject of a PhD thesis by Dr. Caroline Valverde at UC-Berkeley and her book Transnationalizing Viet Nam. I translate poetry and my translation of "A Request at Đồng Lộc Cemetery" is now engraved on a stone memorial at Đồng Lộc National Shrine in VN. I study and teach the Bible and Buddhism. In 2009 I founded and still manage dotchuoinon.com on positive thinking and two other blogs on Buddhism. In 2015 a group of friends and I founded website CVD - Conversations on Vietnam Development (cvdvn.net). I study the art of leadership with many friends who are religious, business and government leaders from many countries. In October 2011 Phu Nu Publishing House in Hanoi published my book "Positive Thinking to Change Your Life", in Vietnamese (TƯ DUY TÍCH CỰC Thay Đổi Cuộc Sống). In December 2013 Phu Nu Publishing House published my book "10 Core Values for Success". I practice Jiu Jitsu and Tai Chi for health, and play guitar as a hobby, usually accompanying my wife Trần Lê Túy Phượng, aka singer Linh Phượng.

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