Vietnamese Vice President Vo Thi Anh Xuan has lauded Ford for investing $208 million in Vietnam and employing over 5,000 staff and urged the U.S. automobile giant to do more.
In a Wednesday meeting with Kay Hart, president, international markets group (IMG) of Ford, Xuan said Vietnam was seeking investment partners in line with new-generation free trade agreements (FTAs), focusing on green transition, digitalization and sustainable growth.
Xuan said Ford should invest more in Vietnam, facilitating innovation in technology, corporate governance and human resource training in line with the zero-emissions by 2050 commitment made by Vietnam at the COP 26.
Vietnam will simplify administrative procedures and improve the business environment for investors, including American ones, she said.
Corporates like Ford would play a major role in implementing the upgrade in Vietnam-U.S. ties to that of comprehensive strategic level last year, the Vice President emphasized. She noted that the U.S. was a leading partner with bilateral trade reaching $111 billion last year.
Kay Hart said Ford Vietnam looked to receive more support from Hai Duong province and the Vietnamese government and that it would consider expansion, product innovation, and application of new technology in Vietnam.
Ford will not only invest in products but also human resources and corporate social responsibility activities, she added.
Ford Vietnam, a joint venture between Ford and Vietnamese firm Song Cong Diesel Limited Company holding a 75% and 25% stake, respectively, was established in 1995. Its factory in the northern province of Hai Duong has an annual capacity of 14,000 vehicles.
Pickup truck Ford Ranger was the company’s bestselling model and the fourth among all models in the country with 16,085 units sold in 2023.