Press Release

Commerce Secretary Carlos Gutierrez Witnesses Signings of Business Agreements Between U.S. and Vietnamese Companies

WASHINGTON—Commerce Secretary Carlos M. Gutierrez and Vietnam Prime Minister Phan Van Khai today witnessed the signings of U.S.-Vietnam business and operating license agreements worth hundreds of millions of dollars, creating more than 5,000 jobs. The ceremony also marked the first U.S. visit by a Vietnamese Prime Minister in 30 years.

“These agreements demonstrate the enormous potential in our commercial relationship and highlight the growing economic partnership between the U.S. and Vietnam,” said Secretary Gutierrez. “The negotiations and contracts that these companies have undertaken are a historic occasion.”

Today’s event included signings of the following U.S. company business agreements and business operating licenses:

Prime Minister Khai presented -separately -to ACE INA International Holdings, Ltd. (PA) and to New York Life International (NY) a license for each to establish a wholly owned life insurance company in Vietnam.

The Boeing Company (IL) and Vietnam Airlines Corporation signed the Board and Government Approval Confirmation validating the final purchase agreement of four Boeing 787-8 Dreamliners.

Fluor Corporation (CA), Unocal International Corporation (CA) and Vietnam Oil and Gas Corporation (PetroVietnam) signed an Amendment to Contract, implementing the start of a major feasibility study on the development of a gas pipeline from the Gulf of Thailand to Vietnam. The study is being jointly funded by the U.S. Trade and Development Agency and Unocal.

Motorola Inc. (IL) signed a contract with Vietnam Post and Telecommunications Trading Joint Stock Company for telecommunications equipment to upgrade base stations in eight southern provinces in Vietnam.