HP to invest more in Vietnam, at faster pace: exec

HP Inc., the world's leading producer of personal computers and printers, is looking to expand its supply chain in Vietnam for an annual export of $2-3 billion.

Antoine Colin, vice president for global supply chain digital transformation & resilience at HP, made the statement at a meeting with Vietnam's Prime Minister Pham Minh Chinh in Hanoi on Friday.

Vietnam is an important market where HP is confident of achieving success. The country is improving its business environment and has opportunities to enhance the national competitiveness, the government's news portal quoted Colin as saying.

Recently, HP's factory investment in Vietnam was deployed very quickly. It was completed and put into operation within only six months, he added.

According to Colin, the California-headquartered giant is cooperating with more than 40 suppliers. He affirmed HP's strategy and goals in building an ecosystem and supply chain in Vietnam and the region to adapt to the new situation.

The corporation plans to invest more in Vietnam at a faster pace, further promoting technology exchange, technology transfer, and innovation, according to the news portal.

Colin also talked about the ecosystem that HP wants to build in Vietnam with synchronous factors of infrastructure, technology, use of Vietnamese human resources and components, and flexible supply chain.

HP plans to increase production of personal computers and printers, while expanding to new products, technologies, and AI applications, such as laptops with integrated AI, the news portal added.

In response, Prime Minister Pham Minh Chinh praised HP’s investment activities as well as its effective contribution to Vietnam’s economic development and the Vietnam-U.S. cooperation.

He suggested the giant expand its investment and encourage other enterprises and its partners to invest in Vietnam, especially in the areas that the country prioritizes and where there is much room for cooperaition such as high technology, sustainable development, and AI.

The cabinet leader confirmed that the Vietnamese Government is committed to providing all possible favourable conditions, including institutional reforms, to enable foreign investors, including those from the U.S., to operate efficiently in Vietnam.

Regarding tariff negotiations with the U.S., Chinh said that Vietnam advocates building an independent and self-reliant economy associated with active and proactive international integration in a deep, practical and effective manner.

Vietnam and the U.S. are negotiating a bilateral agreement on reciprocal trade. The Prime Minister suggested that HP have a voice with the U.S. side to define a tariff policy suitable for both sides.

Vietnam encourages technology transfer, production in the country, and use of Vietnamese human resources, raw materials and components, he added.

At the meeting, HP also raised a proposal regarding the issue of withholding tax.

In response, the Prime Minister said that the National Assembly and the Government are continuing to issue laws and resolutions to handle the difficulties of enterprises and investors in a practical and consistent manner, in line with international practices.

On June 14, the adjusted Law on Corporate Income Tax was passed by the National Assembly - the country's legislature - which will be forced from early October. The Government is developing guiding documents, including regulations on corporate income tax policies for foreign contractors.

This ensures that there is no double taxation on the same income generated in Vietnam, consistent with international practices and business operations, he added.

Welcoming HP's expansion of production and building an ecosystem and supply chain in Vietnam, the Prime Minister suggested HP continue discussing with the Ministry of Finance and other relevant agencies.

The aim is to make maximum use of general regulations and special policies in the spirit of encouraging high-tech, large-scale investment projects and transfer of modern, advanced technology.

Colin expressed his confidence that the two nations would find a mutually beneficial solution to tariff issues and affirmed HP’s support for Vietnam in the negotiation process.

HP Inc. is a leading technology company in the field of personal computers, printers and 3D printing servies, with revenue of $55 billion and more than 50,000 employees in 180 countries.

It is the world's second-largest personal computer vendor by unit sales after Lenovo and ahead of Dell as of 2024.

The Ho Chi Minh City-headquartered HP Vietnam, established in 1996, currently has nearly 100 employees.