Vietnam and the US have boosted ties by signing a memorandum of understanding between two state run institutions to increase US exports into the Southeast Asian country.

Vietnam’s ministry of industry and the Export-Import Bank of the US (US Exim) signed the memorandum to increase trade in sectors including aviation, energy and oil and gas development.

A number of projects are already in the pipeline, including US exports of commercial aircraft, renewable energy, telecoms equipment and electric power generation and transmission equipment, as well as associated services.

US Exim currently has a relatively low exposure to Vietnam at just US$200mn, however, the bank’s president Fred Hochberg has stated that the country has been identified as one of the top nine countries globally with the highest potential for US exporters.