Vietnam Economic News: 8.3 – 15.3.2025
Summary of Vietnam Economic News: 8.3 - 15.3.2025
---
Summary of Vietnam Economic News: 8.3 - 15.3.2025 ---
US, Vietnam firms sign deals on energy and minerals
Reuters News – 14 March 2025
Vietnamese and Americans firms have signed a series of deals on energy and minerals during a visit to the United States by Vietnam's trade minister, state media and one of the firms said on Friday. Vietnamese companies are in talks with U.S. firms to buy American crude oil and LNG, said state-controlled PetroVietnam Power, which is a signatory to one of the deals and has executives accompanying the minister on the trip. Vietnamese trade minister Nguyen Hong Dien is in the United States to discuss trade cooperation, as the country scrambles to avoid reciprocal tariffs that the Trump administration has threatened globally to reduce America's trade deficit. PetroVietnam Power in a statement said it has signed a memorandum of understanding with GE Vernova to buy GE equipment for gas-fired power plants, valued at $4.15 billion. Other deals include those between PetroVietnam Gas and Conoco Phillipsand Excelerate and between Vietnamese oil refiner Binh Son and Kellogg Brown & Root, according to PetroVietnam Power and state media reports. Other agreements are between Vietnam's fuel trading firm Petrolimex and the U.S. Grains Council, Renewable Fuels Association, Growth Energy, and a mineral processing cooperation deal between Masan Group with U.S. International Development Finance Corp, they said. The trip came ahead of a deadline U.S. President Donald Trump has set next month for federal agencies to complete comprehensive reviews of a range of trade issues, including analyses of persistent U.S. trade deficits.
Vietnam regulator proposes approval of Chinese COMAC jets
Reuters News – 13 March 2025
Vietnam's aviation regulator has proposed to recognise China's aircraft design certifications as equivalent to U.S. standards, facilitating the entry of jets from Chinese state-owned plane maker COMAC. COMAC has been intensifying its efforts to gain a market presence in Vietnam following meetings with the country's top leaders and enticing offers to its leading budget airline as part of a wider push to attract global buyers for its domestically-produced jets. But Vietnam is also attempting to reduce its trade surplus with the U.S. after President Donald Trump's announcement of reciprocal tariffs by confirming its intent to buy Boeing 737 MAX jets. "New aircraft like COMAC that are not yet certified by the FAA or EASA will encounter problems with current legal regulations when seeking to operate in Vietnam," according to a Civil Aviation Authority of Vietnam (CAAV) document that referred to the U.S. and European aviation regulators. The CAAV has proposed to change the rules to allow for the import of Chinese-certified planes effective on April 30, though that would require a sign-off from Vietnam's top leaders. The proposed amendment, which would pave the way for COMAC aircraft to fly in Vietnam, aims to provide Vietnamese airlines with more options, as they currently rely heavily on Boeing and Airbus models.
Da Nang Investment Forum 2025 Showcases Vietnam's Rise as a Financial Hub
Reuters News – 13 March 2025
The U.S. Geological Survey has significantly revised down its estimate of Vietnam's rare earth reserves to 3.5 million metric tons from 22 million tons, a change that if verified could affect the country's ambitions to be a rare earths powerhouse. Rare earths are used in multiple industries, including electric vehicles, auto batteries and renewables, and have applications in electronic and military products. The revision, published in a January report, has moved Vietnam from second position on the USGS's list of countries with the largest reserves down to 6th, after China, Brazil, India, Australia and Russia. "The rare earth reserve updates in the 2025 Mineral Commodity Summaries for Vietnam were based on new information and revised data and information from government reports and sources," according to USGS. The government has in recent years often cited its reserves of rare earths as one of the advantages for its future technology development, but mass production is yet to begin. Vietnam extracted only 300 tons of rare earths oxide equivalent last year, flat from a year earlier, according to the USGS report. In 2023, the U.S. secured deals with Vietnam on semiconductors and critical minerals as Hanoi boosted relations with Washington to its highest diplomatic status. This week, Vietnam expects to sign pacts with the U.S. when trade minister Nguyen Hong Dien meets trade and energy officials during his visit to the U.S.
Vietnam Airlines chooses Sabre's Network Planning and Optimization technology to support global growth
Dow Jones Institutional News – 12 March 2025
Vietnam Airlines has selected Network Planning and Optimization technology from Sabre Corporation (NASDAQ: SABR), a leading global travel technology company, as the airline sets its sights on global growth. With big plans for international expansion, Vietnam's flag carrier has recently added routes to the US, Germany, India, Italy, and the Philippines, and is also exploring new destinations across Europe, the US, Canada, Australia, and Asia. "As we prepare to expand our global network, having the right technology to guide smart, data-driven decisions is essential," said Mr. Nguyen Quang Trung, Director of Corporate Planning and Development at Vietnam Airlines. "Sabre's Network Planning and Optimization tools will help us pinpoint profitable routes, create optimized schedules, and stay agile in a dynamic environment -- enabling us to deliver greater value for both our passengers and our business." Vietnam Airlines has chosen Sabre's Fleet Manager to match capacity and aircraft type with demand, Profit Manager to accurately forecast and maximize network profitability, Network Manager to achieve hub optimization and enhanced codeshare planning, and Schedule Manager to deliver revenue-driven schedules across its network. The airline also already distributes its fares and offers through Sabre's global travel marketplace.