Largest-ever US trade delegation seeks more trade and investment

Senior executives from 52 US firms are taking part in the biggest business mission ever organised by the US-ASEAN Business Council (USABC) to Vietnam this week as the two countries mark the 10-year anniversary of their Comprehensive Partnership (2013-2023).

Ted Osius, president and CEO of the USABC, noted US firms have an increasing interest in ASEAN, especially in Vietnam, amid global economic difficulties, adding this is a vibrant and growing area.

“American companies are seeing strong trends in the expansion of a global manufacturing hub and supply chain in Vietnam in such industries as semiconductors, fast-moving consumer goods, agriculture, the digital economy, finance, and healthcare. The US business community is also seeing renewed interest to cooperate in the aerospace, defence, and security sectors,” said Osius.

Among them, Elon Musk's SpaceX is looking for opportunities to develop the satellite internet service market in Vietnam and the region in general. Meanwhile, Boeing is also looking to strengthen its operations in the country, having opened a representative office in Hanoi.

A statement issued by the aerospace giant said, "Boeing has been developing its presence in Vietnam by investing in local capability building and collaborating with Vietnamese organisations across manufacturing, infrastructure, engineering services, and skills development.”

Ee-Hui Tan, CEO of FedEx Vietnam and Cambodia, said, “Vietnam is strategically located, with more than 6.5 million packages shipped to and from 172 destinations daily. However, we are still looking to expand our network by adding more flights. At the same time, we want to invest in the infrastructure here, especially Long Thanh airport."

In the energy sector, a representative from AES who is joining the delegation said "Energy continues to be a strategic area of cooperation between the United States and Vietnam. With the remarkable GDP growth, electricity demand is forecasted to grow at 8-9 per cent annually and AES is committed to serving that growth with reliable energy solutions as we are leading the global energy transition and advancing a cleaner, smarter energy future. Our current projects including Son My LNG Terminal and Son My 2 power plant, which together represents an investment of approximately $3.2 billion, will play an immediate role in diversifying Vietnam’s energy mix. Progress on these large-scale projects will help move the country forward".

Last year, the US ranked 11th of the 140 countries and territories invested in Vietnam. US investors currently have 1,145 valid projects with a total registered capital of more than $10.3 billion.

Senior executives from US companies will be meeting with Prime Minister Pham Minh Chinh, National Assembly Chairman Vuong Dinh Hue, and many other senior government officials to discuss regulatory issues and investment opportunities.

Stimulus welcomed as Vietnam accelerates economic reactivation The ongoing pandemic has completely upended lives and economies across the planet, restricting movement, shutting schools, forcing people to work from home, and jeopardising employment for millions. With that, the US business community is thankful that Vietnam’s leadership has taken serious and appropriate steps to mitigate the damage from this terrible virus.

US investors display confidence in Vietnam Vietnam and the United States are seeking ways to increase their investment and trade ties, with the latter pledging to support the latter in education, training, and the energy transition.