According to the information from the US-ASEAN Business Council (USABC), there are currently about fifty US companies are visiting Hanoi and looking for sales, sourcing and investment opportunities. This is the largest US business delegation present in Vietnam for decades to market entry opportunities in Vietnam, including the possibilities to open representative office in Vietnam, set up company in Vietnam or even expand current business operations in Vietnam.
Among these enterprises are 40 enterprises participating in the annual Vietnam business delegation and 15 enterprises in the health and life sciences delegation, with many enterprises attending both delegations.
The US mission to Vietnam emphasized that this is the largest US business delegation to Vietnam in decades, coming to Vietnam on the occasion of the 10th anniversary of the US-Vietnam comprehensive partnership.
According to the US Mission to Vietnam, the US is still the number one investment partner in ASEAN countries, investing more than the next three investment partners of Southeast Asia combined.
According to the information, US companies operating in the fields of defense, pharmaceuticals, technology… joined the largest ever US business delegation to Vietnam this week to seek investment opportunities and market entry into Vietnam include the likes of SpaceX, Netflix and Boeing.
Online movie platform Netflix is one of the companies that sent representatives to join the delegation. Previously, the press reported that Netflix was planning to open a representative office in Vietnam.
Defense technology firms including Boeing, Lockheed Martin and Bell will meet with Vietnamese partners. This is the first time in about ten years that security and defense companies have decided to join annual delegations to Vietnam. Last December, these companies talked to Vietnamese government officials about the possibility of selling helicopters and drones.
Boeing announced that their discussions with officials will focus on developing partnerships with Vietnam and measures to strengthen Vietnam’s aviation and defense capabilities. SpaceX wishes to sell satellite Internet services to Vietnam and other countries in the region. The delegation also included semiconductor companies, major pharmaceutical corporations such as Pfizer and Johnson & Johnson, Abbott medical devices, financial services i.e. Visa and CitiBank, internet and cloud services companies like Meta and Amazon Web Services.
Most of the companies participating in the upcoming delegation already have a business or production presence in Vietnam, including Apple, Coca-Cola and PepsiCo but they also plans to expand further. Meanwhile, some other companies have come to learn about the investment environment and set up representative office or set up company in Vietnam because of the advantages that Vietnam could bring i.e. growing labour resources with skills, stable economy, and improvement in investment policies.