Monday, October 01, 2007

Vietnam signs a billion USD of contracts with US companies

Billion USD contracts signed during PM’s UN trip
12:34' 29/09/2007 (GMT+7)

VietNamNet Bridge - On the sideline of the UN General Assembly session, Prime Minister Nguyen Tan Dung met with many US business leaders. He also witnessed the signing of contracts worth billion USD between Vietnamese and US companies.

PM Nguyen Tan Dung and NYSE Chairman Jonh Thain

On September 28, PM Nguyen Tan Dung witnessed the signing of many contracts and agreements between Vietnamese and American companies, worth billion USD, including:

- The comprehensive cooperation agreement between Citigroup and the Vietnam Shipping Lines Corporation (Vinalines), under which Citigroup will assist Vinalines to conduct shipbuilding, ship purchasing, port development, shipyard building projects.

- A memorandum of understanding between Citigroup and the Vietnam Coal and Mineral Group (Vinacoal) on arranging capital for the bauxite complex project in Lam Dong Province, the Nhan Co aluminum project in Dak Nong Province and Mao Khe power project.

- An agreement between Vinalines and SSA Marine to increase capital in two projects, the Cai Lan port in Quang Ninh province and Cai Mep in Vung Tau province.

- A cooperation agreement between the Vietnam Shipbuilding Industry Group (Vinaship) and Credit Suisse, under which the US partner will arrange credit for Vinaship through loans, bond issuance and consulting services.

- A memorandum of understanding between Vinacoal and Bantry Bay Venture Asia to develop coal basin in the northern delta of Vietnam.

- A memorandum of understanding between the Vietnam Automobile Industry Corporation and Cummins to set up an automobile engine manufacturing joint venture company in Vietnam with a yearly capacity of 100,000 engines.

- The comprehensive strategic cooperation agreement between Duc Long Group and Bantry Bay Ventures Asia on developing hydraulic power, real estate, rubber plantation and processing, mining, and processing wood products for export.

On September 27, the Vietnam Oil and Gas Group (PetroVietnam) and Exxon Mobil signed a cooperation agreement in seeking, exploring and exploiting oil and gas in Vietnam and other developing countries.

On the same day, PetroVietnam, Chevron and other partners signed product sharing contracts (PSC) for blocks B, 48/95, and 52/97 offshore Vietnam.