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. 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.

Source: VietNamNet News February 04, 2026 16:22 UTC