Quantcast
Connect with us

US companies sign billions in deals with Vietnam

Published

on

U.S. companies signed business deals with Vietnam worth over $8 billion on Wednesday, including power projects and jet engines from General Electric Co and diesel generator technology from Caterpillar , the Commerce Department said.

The 13 deals were announced as Vietnamese Prime Minister Nguyen Xuan Phuc met with U.S. President Donald Trump as part of a three-day, trade-focused trip to the United States.

ADVERTISEMENT

U.S. Commerce Secretary Wilbur Ross, who has pledged to shrink U.S. trade deficits, said the transactions would include $3.4 billion in U.S. produced content that would support 23,000 jobs.

But the Trump administration still wants more work from Vietnam to bring down a rapidly growing $32 billion trade surplus with the United States, said Murray Hiebert, a Southeast Asia expert at the Center for Strategic and International Studies in Washington.

“I heard from U.S. officials ahead of the trip that just signing deals with U.S. companies was nice but not enough,” Hiebert said.

GE said on Wednesday it had signed deals in Vietnam worth about $5.58 billion for power generation, aircraft engines and services, its largest single combined sale with the country in GE’s history.

ADVERTISEMENT

GE’s agreement with Vietjet Aviation JSC includes 20 jet engines made by CFM International, a joint venture of GE and Safran SA of France. It also includes a 12-year engine service contract for 215 LEAP-1B engines on 100 Boeing 737 MAX aircraft that Vietjet has ordered, GE said.

GE’s power unit signed a memorandum of understanding to build two 750-megawatt gas-fired turbine power plants in conjunction with state energy group PetroVietnam, using the Blue Whale gas field.

GE also signed a joint development agreement to erect an 800-megawatt wind power facility. Partners in the agreement are Phu Cuong Group and International Mainstream Renewable Power, GE said.

ADVERTISEMENT

Honeywell also signed a $100 million deal to supply VietJet with 98 auxiliary power units for the airline’s new fleet of Airbus A320 aircraft, including maintenance for 12 years.

Caterpillar and its dealer in Vietnam, Phu Thai Cat, agreed to provide generator management technology for more than 100 generators in Vietnam, the company said. The technology would allow for remote function monitoring including fuel, temperature and pressure. The value of the Caterpillar deal was not disclosed.

Hilton Worldwide signed a deal worth $650 million to manage a 610-room dual-branded hotel in Vietnam, while port security firm Passport Systems Inc signed a deal worth $1 billion, with $420 million in U.S. content, Commerce said.

ADVERTISEMENT

(Reporting by Alwyn Scott in Seattle, David Lawder, Mike Stone and David Brunnstrom in Washington and Rachit Vats in Bangalore; Editing by David Gregorio and Steve Orlofsky)


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

New testimony adds 2 stunning — and previously unknown — details about the Ukraine extortion

Published

on

New testimony released Monday from the House Intelligence Committee’s investigation of the Ukraine scandal included at least two new stunning details about the quid pro quo scheme at the heart of the matter.

Overall, the transcripts for depositions of Catherine Croft and Christopher Anderson, who were advisers to U.S. envoy Kurt Volker, built on the story of that we already know: that President Donald Trump pushed a shadow foreign policy to pressure Ukraine into investigating his political opponents, a scheme that involved using his office and military aid as leverage over the country in opposition to the official policy.

Continue Reading

Breaking Banner

Trump blasted for his ‘Endorsement of Doom’ after Sean Spicer loses on ‘Dancing with the Stars’

Published

on

Team Trump had gone all in urging supporters to vote for former White House press secretary Sean Spicer on the game show "Dancing with the Stars."

Votes had been urged by RNC officials and Trump himself had urged his 66 million Twitter followers to vote for Spicer.

Despite the full heft of the Trump campaign, Spicer lost on Monday's show.

Trump deleted his failed tweet urging votes for Spicer -- and instead said it was a "great try" by his former advisor.

Looks like this endorsement was as successful as your last one!

Continue Reading
 

Breaking Banner

‘He’s misunderstood’: Nikki Haley tells Fox News how Trump is actually a really good listener

Published

on

Former Ambassador to the U.N. Nikki Haley defended President Donald Trump during a Monday appearance with Fox News personality Sean Hannity.

Hannity asked the former South Carolina governor if Trump was "misunderstood."

"I do think he’s misunderstood," Haley replied.

"I can tell you, from the first day to the last day that I worked for the president, he always listened, he was always conscious of hearing other voices, allowing people to debate out the issues, and then he made his decision," Haley claimed.

She argued that, "I saw a president that was very thoughtful, looked at all of the issues, made decisions, and it was a pleasure and honor to work with him."

Continue Reading
 
 
Help Raw Story Uncover Injustice. Join Raw Story Investigates for $1 and go ad-free.
close-image