U.S. Firms Eye Oil, Power Investments in Vietnam

U.S. businesses accompanying the U.S. Secretary of Commerce Carlos M. Gutierrez November 5 met with Vietnam state-owned oil monopoly PetroVietnam to seek investment opportunities in oil, gas and power sectors, a source from the Ministry of Trade and Industry said.

 

During the meeting, U.S. investors namely Alcoa Inc, Cummins, Gannon, Dow Chemicals and AES Corp. were showing their keen interests in oil and natural gas exploration and production, hydropower generation, oil refining, and maintenances of gas-fueled power plants.

 

Alcoa Inc, the world leading energy and mineral exploitation group wants to cooperate with the Vietnam National Coal and Mineral Industries Group (Vinacomin) and Dak Nong provincial government to build an aluminum refining plant with a capacity of 1.5 million cubic meters per year.

 

Cummins group expects to develop an electric and electronic product distribution network in Vietnam and set up a joint venture to produce buses and heavy-tonnage trucks.

 

Meanwhile, Gannon, an international multi-sectoral investor, hopes to build an industrial zone and a power plant in Vietnam.

 

The world leading power group AES eyes investment in Nghi Son and O Mon thermo-power projects and wants to cooperate with Vietnamese giants of PetroVietnam and Song Da Corp. in energy projects.

 

The foreign firms are seeking to sign memorandum of understandings to boost bilateral cooperation with PetroVietnam.

 

Carlos M. Gutierrez started his five-day visit to Vietnam November 4 with 23 business entourages. (Local sources)