Vietnam and US to Commit to Increase Trade and Investment

Jun 2022

During the US trip of Vietnam’s Prime Minister, which took place in May 2022, representatives from the two countries reaffirmed their intention to further grow their bilateral relation, noting that health, climate change, renewable energy sustainable development will be among the key cooperation areas.

Vietnam´s Prime Minister also held meetings with several US companies specializing in energy, infrastructure, finance, science, and technology. Notably, a key trip included stops at the headquarters of Intel and Apple in Silicon Valley, while it is reported that Apple asked its manufacturing partners to consider Vietnam as an alternative production base outside of China.

Besides investments from big tech giants, First Solar, a well-known solar energy corporate, announced to invest more than USD 1 billion to manufacture solar panels in Vietnam. Furthermore, Vietnam’s Saigontourist Travel Company signed an agreement with Vietnam Airlines and its US partners to boost two-way tourism, stating that the US is the preferred destination of Vietnamese travelers.

Vietnam has emerged as a leading target for US investment due to a favorable business environment, developed infrastructure, and administrative reforms. In this context, the country recently approved an economic strategy that aims to channel foreign investment to hi-tech sectors, creating opportunities for both US and Vietnamese companies to strengthen their strategic partnership.

(Source: Vietnam Briefing)

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