Posted at 8:15 PM
Today, U.S. Secretary of Commerce Wilbur Ross met with Vietnamese Prime Minister Nguyen Xuan Phuc to discuss the deepening economic relationship between the United States and Vietnam. The leaders also attended a ceremony to recognize 13 new business deals worth more than $8 billion.
“President Trump is prioritizing engagement with Vietnam, an important trading partner of the United States,” Secretary Ross said. “Today’s deals will expand our cooperation in multiple sectors, supporting U.S. exports and creating economic growth in both countries. They will also help the U.S. reduce our trade deficit with Vietnam.
The deals announced today include more than $3 billion in U.S.-produced content, which collectively support more than 23,000 jobs. The commercial deals between the United States and Vietnam feature a variety of organizations, companies, and industry sectors.
During their meeting, the leaders discussed trade policy priorities that have an important role in the economies of both countries. The United States is Vietnam’s largest export market, and Vietnam is the United States’ fastest growing goods export market. U.S. goods exports to Vietnam reached $4.4 billion in 2016, increasing by 77 percent from 2014.
“The growth of the middle class and the increasing purchasing power in Vietnam are further incentives to strengthening our long-term trade and investment relationship,” continued Secretary Ross.
Secretary Ross affirmed Commerce’s commitment to strengthening U.S.-Vietnam economic ties. In particular, Secretary Ross stressed the importance of leveling the playing field for U.S. exports to Vietnam, reducing the U.S. trade deficit with Vietnam, and resolving market access barriers for U.S. companies.
Following their meeting, Secretary Ross and Prime Minister Phuc attended the ceremony where the more than $8 billion in deals were finalized between U.S. and Vietnamese entities.
The following U.S. entities participated in the event:
- GE signed energy and aviation agreements worth nearly $6 billion dollars, with $3.4 billion in U.S. content and, based Department of Commerce estimates, these deals will support 17,680 U.S. jobs.
- Honeywell signed an aviation agreement worth over $100 million.
- Murphy Oil Corporation signed a deal worth $16.5 million, supporting approximately 20 U.S. jobs.
- Passport Systems, Inc. signed a deal worth $1 billion, with $420 million in U.S. content and supporting approximately 1,000 U.S. jobs.
- Hilton signed a deal worth $650 million to manage a 610-room dual-branded hotel in Vietnam.
- Nicklaus Design signed a design deal for 10 golf courses in Vietnam. The total development cost of the deal will exceed $260 million.
- UPS signed a Mutual Collaboration Understanding to collaborate on capacity building with SMEs.
- Caterpillar signed a Memorandum of Understanding for technology collaboration with its dealer in Vietnam to support generator sets made and exported from Lafayette, Indiana.
- Arizona State University signed a Letter of Commitment to collaborate with Vietnam’s Ministry of Science and Technology on research and academic programs.
- UPMC (University of Pittsburgh Medical Center) signed a collaboration agreement to provide radiation oncology-related services.
Other entities that participated in the event were Varian Medical Systems, Silicon Specialists, Inc. and Roberts International.