Vietnam has the third-biggest trade surplus with the US, after China and Mexico, and is anxious to address the imbalance to head off the tariff threat.

“Hanoi and Washington are engaged in a second round of talks to achieve that, and Vietnam’s industry and trade minister Nguyen Hong Dien met executives from US corporations yesterday,” the ministry said in a statement today.

Dien hopes they will help persuade the Trump administration that “cooperation with Vietnam will bring long-term strategic benefits and contribute to improving the trade balance in a fair, harmonious and sustainable direction”.

Vietnam needs to be treated as a priority trade partner of the US, the statement quoted the minister as saying.

“At the meetings, liquefied natural gas (LNG) company Excelerate Energy proposed ways to “make Vietnam an LNG distribution hub in the Asean region”, while Lockheed Martin said it would work with Hanoi in the development of aviation, space and defence technology,” the statement said.

Elon Musk’s SpaceX said it plans up to 15 ground stations in Vietnam as part of a US$1.5 billion investment to provide broadband internet connection, especially in remote, isolated, border and island areas.

“The group emphasised Vietnam being a strategic market in Starlink’s global service expansion orientation,” the Vietnamese ministry added.

State-owned Vietnam National Industry and Energy Group (PetroVietnam) on Monday signed a memorandum of understanding with US company Westinghouse Electric on nuclear power development.

The agreement is focused on energy infrastructure investment models, technology transfer and human resource training.

According to Vietnam, energy development cooperation would be “an important driving force contributing to balancing bilateral trade between Vietnam and the US”.