US businesses exploring opportunities in Vietnam
Representatives of more than 50 US companies will visit Vietnam from March 21-22 to discuss investment and business opportunities under an annual programme hosted by the US-ASEAN Business Council.
This is the largest US business delegation ever to come to Vietnam at a time when the two countries are celebrating 10 years of their comprehensive partnership. The trip is to show US businesses’ commitment to investing in Vietnam, said Marc Knapper, Ambassador of the US to Vietnam, at a press briefing on March 21.
According to the diplomat, Vietnam is a potential market with many business opportunities, especially when bilateral relations are developing positively, with their trade expanding vigorously over the years.
Sharing the view, Ted Osius, president & CEO of the US-ASEAN Business Council (USABC), noted US firms have a greater interest in ASEAN, especially in Vietnam, amid global economic difficulties, adding this is a vibrant and growing central area.
Despite a downward trajectory globally, Vietnam, with its 2022 growth of 8% and the 2023 forecast of 6%, is becoming one of the global growth centers that has received great attention of US firms, he said.
According to USABC, US firms are seeing great opportunities to expand their production centers and global supply chains in Vietnam in the fields of semiconductor, fast-moving consumer goods (FMCG), toys, furniture, and food processing and manufacturing, as well as in digital economy, creative economy, banking and financial services and health care.
During a working session with the Ministry of Planning and Investment on March 21, CEOs of Meta, SpaceX, VISA, AES, Boeing and others all expressed their desires to establish or expand investment and business activities in the Vietnamese market.
Vietnam holds a strategic position in FedEx’s business strategy, and FedEx is looking to add flights to and from Vietnam, said the CEO of FedEx in charge of Vietnam and Cambodia.
Meanwhile, the representative of the world’s largest investment fund KRR that has invested more than US$1 billion in major firms in Vietnam such as Vingroup, Masan and Kios Viet, said KRR is ready to support Vietnamese businesses to reach out to the world.
The US is currently Vietnam’s second largest trading partner and one of the most important export markets. It is also an important ODA donor and the 11th largest investor in Vietnam among 142 countries and territories investing in the country.
Investment Minister Nguyen Chi Dung expressed his wish that the US would soon become the Number 1 investor in Vietnam to promote all opportunities for cooperation based on the relationship of equality, mutual respect and mutual benefit.