Vietnam’s Prime Minister Pham Minh Chinh on May 11 meet a number of executives from US leading firms on the first day he arrived in Washington, D.C., for the week-long visit.

Vietnam’s Prime Minister Pham Minh Chinh (R) and representatives of US energy firms in Washington, D.C. on May 11 (local time). Photos: VGP

Chinh held talks with representatives of Boeing, Asia Group, Blackstone, Gen X Energy, AES, and the World Bank to discuss cooperation in aviation, energy, digital transformation, food, capital investment, climate adaptation, and infrastructure.

In talks with the World Bank’s Managing Director of Operations Axel van Trotsenburg, Chinh expected long-term soft loans for development projects in Vietnam, including those in energy transition, digital transformation, and climate adaptation in the Mekong Delta, and the central region, poverty reduction, and health capacity improvement.

He briefed the WB executive on efforts in simplifying lending procedures and curbing corruption in implementing projects in Vietnam.

Axel van Trotsenburg said the World Bank expects to cooperate with Vietnam in post-Covid-19 recovery amid increasing input, high inflation, and falling national resources, stressing the importance of multilateral cooperation in economic development and reminding Vietnam of balancing energy demand for the development and sustainable development.  

He said the World Bank will support Vietnam in the pursuit of a high-income nation status with lessons learned in economic development.

In a separate meeting with Marc Allen, Chief Strategy Officer and Senior Vice President of Strategy and Corporate Development, Boeing, PM Chinh said Vietnam’s aviation industry will boom in the coming time and Boeing can participate in developing Vietnam’s aviation ecosystem. He supports its plan to expand facilities in Vietnam to supply raw materials and explore opportunities for technology cooperation.

Chinh suggested Boeing open a maintenance center and supporting services in Vietnam and have a long-term cooperation policy and specific incentives for Vietnamese businesses.

In the coming time, Boeing is expected to expand aviation training, open a technical center, increase connections with domestic partners, and contribute to corporate social responsibility (CRS).

Boeing is currently interested in supporting Vietnam in digital transformation and sustainable development with a plan to expand raw materials facilities.

PM Pham Minh Chinh and Marc Allen, Chief Strategy Officer and Senior Vice President of Strategy and Corporate Development, Boeing.

Energy cooperation in the spotlight

In meetings with US leading companies, the Vietnamese PM laid stress on energy cooperation at talks with leaders of Gen X Energy, AES Corporation, and Blackstone, highlighting the need for the energy transition in Vietnam’s low-carbon journey.

Leaders of corporations expressed interest in energy projects in Vietnam to contribute to help the country meet its commitments at the 2021 United Nations Climate Change Conference (COP26).

PM Chinh welcomed energy investment plans, clarifying a number of issues related to the National Power Development Plan (PDP8). He affirmed that Vietnam is building an independent and self-reliant economy with energy security priority.

He said Vietnam has not yet announced its 8th power master plan as it has to make some adjustments in order to fulfill its commitments to net zero emissions by 2050.

Other multinationals, including Intel, Apple, and Google are also included in Chinh’s agenda.

Energy is one of the key sectors that the US and Vietnam have stressed the importance of over the past time. The issue becomes critical in the context that Vietnam is working towards a low-carbon economy in which both climate finance and technology are essential for the Southeast Asian country. In the latest move, Special Presidential Envoy for Climate John Kerry traveled to Vietnam in February 2022 to discuss with the Vietnamese Government’s leaders on energy cooperation and climate response.

Earlier in September 2021, US and Vietnam firms inked renewable energy deals worth US$2.5 billion during the US visit paid by Vietnamese President Nguyen Xuan Phuc.

Vietnam had 16.5 GW of solar power and 11.8 GW of wind power. A further 6.6 GW is expected to be delivered by the end of 2021. The government is also planning to install 12 GW of onshore and offshore wind by 2025.

PM Chinh and World Bank’s Managing Director of Operations Axel van Trotsenburg.