20 Vietnamese firms seek opportunities in the US

May 06, 2023 | 12:08

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20 Vietnamese businesses participated in the 2023 SelectUSA Investment Summit on May 4 to seek opportunities to invest or expand their operation in the United States.

20 Vietnamese firms seek opportunities in the US

The summit saw the participation of many US corporations and associations with investments in Vietnam. The event also welcomed over 1,200 investors from 70 countries and territories all over the world.

The 20 businesses, which have invested in the US or have the intention to do so, operate in various industries, including software; electric vehicles (EVs) and battery production; construction and interior decoration; logistics and transport; food processing; and packaging.

For example, VinFast is committed to investing large volumes of capital in the US. The group plans to set up an EV manufacturing complex in North Carolina, set to go into operation by 2024. The facility will eventually have capacity to produce up to 150,000 EVs annually, with the company planning to start off with two large SUV models that were unveiled last year. The assembly plant itself will cost about $2 billion, though additional operations, such as a battery facility, should bring the total cost to $6.5 billion.

The gathering was organised by the Vietnamese Embassy in Washington DC in coordination with The Asia Group. Diane Farrell, Deputy Under Secretary for International Trade in the Department of Commerce, said, "The US will support Vietnamese firms to make the correct choices when they invest in the American market."

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By Ha Vy

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