Vietnam has welcomed the largest-ever trade mission from the United States, with 52 of the country’s top companies completing a three-day visit to the southeast Asian nation. The visit comes against the backdrop of escalating tensions between the US and China, but economic relations between the US and Vietnam remain strong. Bilateral trade between the two countries has reached a record level of $123bn, with the US now being Vietnam’s second-largest trading partner. In comparison, China, who is Vietnam’s largest trading partner, has a trade value of $175.57bn.
The US companies that took part in the mission are among the most important in the country, including Apple, Boeing, Coca-Cola, Citibank, FedEx, Meta, Pfizer, and SpaceX. The aim of the visit was to increase contacts with Vietnamese officials and advance business projects in the country. Some of the companies present already have a presence in Vietnam, while others are hoping to establish themselves there, such as Netflix, which is considering opening an office in the country.
The Vietnamese government is eager to take advantage of the trade tensions between the US and China and welcomes US companies and investors with open arms. Vietnam’s Minister of Planning and Investment, Nguyen Chi Dung, has said that he hopes the US will eventually become the country’s largest foreign investor.
Vietnam’s Prime Minister Pham Minh Chinh has said that his government will do everything to offer “optimal conditions” to American companies and that Hanoi “considers the United States one of its most important partners and wishes to deepen the overall bilateral partnership.” However, he has also mentioned some sectors that are priorities for Vietnam, including transportation and aviation, with the Long Thanh International Airport project scheduled to open in 2025.
Vietnam has experienced impressive economic growth in recent years, with GDP growth reaching 8% in 2022, the highest level since 2011. The Vietnamese government is determined to continue this growth by investing in key sectors such as transportation infrastructure, aviation, renewable energy, agriculture, information technology, and health.
The US companies on the trade mission are looking to capitalize on Vietnam’s growth by investing in these key sectors, offering innovative solutions, and creating local partnerships. Vietnam is becoming a center of technology innovation in Southeast Asia, with strong growth in the software and electronics industry.
The aviation sector is particularly important to Vietnam, with the Long Thanh International Airport project being one of the country’s most ambitious projects. The US companies on the trade mission are well positioned to help make this project a reality, with companies such as Boeing able to offer innovative airplane solutions and maintenance services.
The Vietnamese government has also recently launched an ambitious plan to develop the country’s renewable energy industry, with the aim of producing 10% of its energy from renewable sources by 2030 and 20% by 2050. US companies are well positioned to help Vietnam achieve these goals with their expertise in renewable energy technologies.
Finally, the healthcare industry is also growing rapidly in Vietnam, with the Vietnamese government investing heavily in the healthcare system to meet the growing demand for quality medical care. US companies can help strengthen the healthcare industry by providing medical equipment, technology, and innovative solutions.
The US trade delegation’s visit to Vietnam clearly indicates American companies’ growing interest in the Vietnamese market. Vietnam is becoming a center of technological innovation in Southeast Asia, and US companies can contribute to its economic growth by investing in key sectors such as transportation, aviation, renewable energy, agriculture, information technology, and healthcare. The Vietnamese government is committed to providing optimal conditions for US companies and is interested in deepening the bilateral partnership.