Washington D.C. (VNA) – Acting Minister of Industry and Trade Le Manh Hung on February 3 oversaw the signing of memoranda of understanding (MoUs) between Binh Son Refining and Petrochemical JSC (BSR) and several leading US energy firms, marking a fresh step forward in bilateral energy cooperation.
The agreements come as Vietnam and the US intensify negotiations on a reciprocal, fair and balanced trade deal designed to build a stable, long-term framework for economic and trade collaboration. Energy cooperation has been identified as a central pillar in this process, supporting Vietnam’s energy security, broadening the scope of bilateral engagement, promoting two-way trade, and helping shape a more balanced and sustainable trade partnership.
Under the MoUs, BSR will cooperate with Chevron Supply and Trading, Marquis Energy, and ADM Asia-Pacific Trading Pte. Ltd. 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 deals are viewed as a significant milestone, underscoring the Ministry of Industry and Trade’s role in facilitating connections between Vietnamese enterprises and major US corporations while translating strategic energy cooperation commitments into concrete projects. They are expected to create long-term and practical collaboration opportunities, diversify supply sources, enhance value chain linkages, and support efforts to foster balanced and sustainable bilateral economic relations.
The signing ceremony also highlighted the ministry’s proactive role in promoting Vietnam–US business cooperation, injecting fresh momentum into trade negotiations and contributing to the further development of the two countries’ Comprehensive Strategic Partnership.
BSR General Director Nguyen Viet Thang said the agreements would help expand the company’s global operations, particularly through partnerships with US firms, while strengthening sustainable business ties and supporting production and commercial growth.
Speaking at the event, Barbara Harriso, Vice President, Offsets & Emerging, Chevron New Energies, described BSR as a key partner and reaffirmed the company’s commitment to maintaining a stable supply of crude oil to ensure the safe and reliable operation of the Dung Quat refinery./.
