Senior executives from 52 US companies have recently participated in the US-ASEAN Business Council’s (USABC) largest-ever business mission to Vietnam in March 2023. The delegation included many notable corporations, such as Boeing, Coca-Cola, CitiBank, Meta, SpaceX, Netflix, Abbott, and AES.
During a meeting with the USABC delegation, Vietnam’s Minister of Planning and Investment stated that there is enormous potential for cooperation between the two countries in the fields of green growth, digital economy, science-technology development, and innovation, and that Vietnam encourages and prioritizes quality and focused foreign direct investment.
The Southeast Asian country is also enacting policies to assist businesses in increasing their investment in science and technology and improving their production capacity in order to participate in global supply chains, particularly in the areas of high technology, innovation, green energy, renewable energy, finance – banking, health care, human resource training, infrastructure, and the environment.
The recent arrival by US firms demonstrates how Vietnam has become as an appealing destination for foreign businesses, as its strong economic growth and increasing middle class continue to entice investors. US companies now have 1,223 projects in Vietnam with a cumulative value of USD 11.4 billion, with the US ranking 11th among the 142 nations and territories investing in Vietnam. Bilateral commerce reached a record of over USD 123 billion in 2022, up 11% year on year, making the US Vietnam’s second-largest trading partner.
(Source: CNN, VietnamPlus)