Vietnam is poised to witness a significant surge in investments from the US and is fully prepared to embrace this wave.
Recently, the Suntory PepsiCo Vietnam Beverage Company initiated the construction of its largest and most advanced factory in the Asia Pacific region at the Huu Thanh Industrial Park in Long An province, located in the Mekong Delta.
Encompassing an area of nearly 20 hectares, this $300 million facility will operate using renewable energy sources such as biomass fuel and solar power, and will introduce products packaged with 100% recycled plastic. Upon completion, it is projected to produce 800 million liters annually, bolstering the company’s capacity to meet consumer demands and solidify its leading market position in Vietnam.
Pepsico presented the project proposal to Prime Minister Pham Minh Chinh while participating in a visit to Vietnam with the US-ASEAN Business Council (USABC) delegation last month, aiming to explore investment opportunities in the country.
In addition to Pepsico, numerous other investors have shown keen interest and confidence in Vietnam’s market potential. Energy Capital, for instance, aims to develop the Long Son port in Ba Ria Vung Tau province and a liquefied natural gas (LNG) project in Binh Thuan province. Meanwhile, global energy company AES is making preparations for the Son My combined cycle gas turbine power plant.
During a meeting with Minister of Planning and Investment Nguyen Chi Dung as part of the USABC’s visit, prominent firms like Ford Motor Company, Boeing, and Viatris reiterated their strong commitment to ongoing investments in Vietnam.
They revealed that they have already injected over $1 billion into Vietnam through major corporations such as VinGroup and Masan, and expressed intentions to explore further investment opportunities in the country.
Emphasizing the elevation of bilateral ties to a Comprehensive Strategic Partnership and agreements to promote cooperation in technology and innovation, including the semiconductor industry, it was underscored that there are no barriers to the influx of US investments into Vietnam, and vice versa, even from third countries.
According to Joseph Uddo, Chairman of the American Chamber of Commerce (AmCham) in Hanoi, Vietnam should persist with reforms to foster an attractive investment climate and ensure an equitable and transparent legal framework to attract new investments while nurturing and expanding existing ones.