A delegation comprising 50 leading US businesses is scheduled to visit Vietnam from March 18 to 21, aiming to explore potential investment prospects in the country.
This visit forms part of an annual initiative organized by the US-ASEAN Business Council (USABC). The participating US companies represent a diverse range of sectors, spanning from technology and energy to aviation, defense, manufacturing, agriculture, food, financial services, healthcare, and investment funds. Many of these companies are already established in Vietnam, with plans to further expand their presence in the Southeast Asian nation.
The delegation will be led by prominent figures including Ted Osius, former Ambassador to Vietnam and current President and CEO of the USABC; Marc Knapper, US 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; along with representatives from various US corporations.
This marks the second consecutive year that Vietnam has hosted a significant number of US companies seeking investment opportunities. Notably, on March 20, 2023, Vietnam welcomed several major US corporations including Boeing, SpaceX, Netflix, Pfizer, Visa, Citi, Meta, and Amazon.
During previous visits, companies such as SpaceX, Coca-Cola, and Pacifico Energy have expressed commitments to expand their manufacturing operations and increase investments in Vietnam.
In the past year, the strategic partnership between the US and Vietnam has reached new heights, presenting opportunities for increased FDI inflows from the US and enhanced bilateral trade.
In 2023, Vietnam’s exports to the US reached nearly $97 billion, though this figure marked an 11.4% decrease compared to the previous year. Nonetheless, these exports constituted 27.3% of the country’s total export turnover. Vietnam also maintained a trade surplus with the US estimated at $83 billion, representing a 12.6% decrease from the previous year.
In the first two months of 2024, Vietnam’s exports to the US amounted to $17.4 billion, demonstrating a nearly 34% increase compared to the same period last year. High-tech products, including consumer electronics and smartphones, as well as garments and footwear, constitute a significant portion of Vietnam’s exports to the US.
