Vietnam, US look to strengthen comprehensive energy cooperation

Minister of Industry and Trade Nguyen Hong Dien (L) and US Secretary of Energy Chris Wright in Washington D.C. on March 13. (Photo: VOV)

In the meeting, Dien affirmed Vietnam considers the US a key strategic partner and wants to deepen the comprehensive strategic partnership between the two countries in a sustainable and effective manner.

He highlighted the complementary nature of the two nations’ economies and trade structures, noting that bilateral trade has steadily increased over the years, ensuring mutual benefits and national interests.

Vietnam’s consistent policy is to foster a balanced, sustainable, stable, and win-win economic relationship with the US, the minister stated. Vietnam does not intend to create any barriers that could negatively impact the US’s workers or its economic and national security, he said.

Dien also noted that, according to Vietnam’s national power development plan, the country needs to triple its total power capacity by 2030, requiring an additional 150-160 GW within five years. Vietnam is also pursuing an ambitious energy transition to achieve net-zero carbon emissions by 2050, necessitating substantial investment in capital, technology, and materials for gas-fired power plants, nuclear energy, smart grids, and transmission systems.

He affirmed Vietnam’s stance on viewing the US as a crucial energy supplier and expressed a strong desire to enhance collaboration with US investors in the energy sector. He added that increasing imports of US machinery, equipment, and raw materials would contribute to a more balanced and sustainable trade relationship between the two nations.

For his part, Wright stated that US energy firms have a keen interest in the Vietnamese market and proposed Vietnam facilitate major US energy projects. He encouraged the Southeast Asian nation to implement policies that support a diversified electricity sources, thereby fostering increased energy imports from the US.

Both ministers agreed to assign technical teams to explore the possibility of signing an energy cooperation agreement aimed at strengthening future collaboration. They also reviewed specific power projects in Vietnam and discussed strategies to expedite their implementation.

On the same day, Dien held talks with Senator Dan Sullivan of Alaska to explore potential energy partnerships between Vietnam and the state.

They suggested the two sides’ businesses sign long-term agreements for the supply of liquefied natural gas (LNG) with suitable prices and methods. Alaska is capable of providing stable LNG supplies without disruption at competitive prices, while in the next two decades, Vietnam has an increasing demand for LNG to fuel its 13 planned gas-fired power plants, which will have a combined capacity of 26,000 MW. Both sides acknowledged the significant potential and feasibility of energy cooperation.

At the conclusion of the two meetings, both Secretary Wright and Senator Sullivan accepted invitations to visit Vietnam in the near future to further discussions on bilateral energy cooperation./.