50 leading US businesses to visit Vietnam

This is part of an annual event held by the US-ASEAN Business Council (USABC). The US companies are involved in fields ranging from technology to energy, aviation and defence, manufacturing, agriculture and food, financial services, healthcare, and investment funds. Among them are many familiar names already operating in Vietnam, and some have plans to expand their investments in the Southeast Asian country.

The delegation will include Ted Osius, former Ambassador to Vietnam and president and CEO of the USABC; Marc Knapper, Ambassador to Vietnam; Sarah Morgenthau, special representative for commercial and business affairs at the US Department of State; Vu Tu Thanh, deputy regional managing director and Vietnam chief representative for the USABC; and representatives of US companies.

This is the second year Vietnam has welcomed a large number of US companies to visit and explore investment opportunities. On March 20, 2023, Vietnam welcomed several US giants, such as Boeing, SpaceX, Netflix, Pfizer, Visa, Citibank, Meta, and Amazon.

Companies such as SpaceX, Coca-Cola, and Pacifico Energy, made commitments to expand their manufacturing operations and investments in Vietnam.

Last year, the US and Vietnam elevated their relationship to the highest level - a comprehensive strategic partnership. This significant milestone opens up opportunities to attract FDI from the US and boost bilateral trade.

In a meeting with US businesses at the end of last year, Deputy Prime Minister Tran Luu Quang expected the elevation of Vietnam-US relations to a comprehensive strategic partnership and the implementation of the cooperation pillars covering many fields to lay the foundation for bilateral trade to soon reach $200 billion.

In 2023, Vietnam's exports to the US reached nearly $97 billion. Although down 11.4 per cent compared to the previous year, they still accounted for 27.3 per cent of the country's export turnover. At the same time, Vietnam's trade surplus with the US was estimated at $83 billion, a decrease of 12.6 per cent compared to the previous year.

In the first two months of 2024, Vietnam’s exports to the US reached $17.4 billion, an increase of nearly 34 per cent over the same period last year. More than half of Vietnam's exports to the US are high-tech products (consumer electronics, smartphones), garments, and footwear.

The significance of Vietnam for US businesses and why they should take notice Vietnam has gone from being a frontier economy in ASEAN to a flourishing, cost-effective, and industrial nation. Firms and investors that are looking for new markets to grow, source, or manufacture their products – especially in Asia – should consider Vietnam’s long-term potential and stay updated on its opportunities.

PM calls on US businesses to strengthen investment in Vietnam Prime Minister Pham Minh Chinh received a delegation of officials and businesses from California, led by Mayor of Oakland Sheng Thao, on August 1.

US businesses focused on semiconductors, clean energy, carbon reduction Under Secretary of State for Economic Growth, Energy, and the Environment Jose Fernandez shared the direction of cooperation with Vietnam in the fields of semiconductor chips, clean energy and carbon reduction at a meeting with members of the American Chamber of Commerce in Ho Chi Minh City on January 24.