US firms keen on boosting presence in Vietnam after historic relationship upgrade

A U.S. business delegation, including 3M, AES, Amazon, FedEx, and Meta, is exploring business opportunities in Vietnam, the largest visit of its kind since the U.S. and Vietnam double upgraded their relations to a Comprehensive Strategic Partnership.

The delegation, comprising 50 leading U.S. companies and led by the U.S.-ASEAN Business Council (USABC), will be in the Southeast Asian country from March 18-21 for its annual business mission. The USABC last year brought a delegation of a similar size to Vietnam.

Representatives from diverse industries such as digital technology, energy, aerospace, defense, manufacturing, fast-moving consumer goods, food and agriculture, financial services, healthcare, investment funds, and advisory services will explore new opportunities and investment potential in Vietnam.

They will meet with government officials and key stakeholders across multiple ministries and agencies to reaffirm their commitments to supporting the Vietnamese government’s efforts and propose further cooperation in various sectors.

These collaborations aim to bolster Vietnam’s strategic programs, including digital transformation and green transition, towards achieving its net-zero commitments, and enhancing Vietnam’s position in the global supply chain by strengthening infrastructure and manufacturing capability.

“This reflects the enthusiasm of U.S. companies towards Vietnam as an attractive emerging market and investment destination,” the USABC said in a statement.

During this visit, the U.S. business community is looking to identify ways to support the implementation of initiatives and deliverables outlined in the Comprehensive Strategic Partnership.

“It's not very often that the private sector is so tightly aligned with what our two governments are trying to do,” said Ted Osius, president and CEO of the USABC, at a press briefing in Hanoi on Monday.

He added that his incumbent successor, Marc Knapper, has a long list of items stemming from the Comprehensive Strategic Partnership and many of them will be implemented by the private sector. “We believe that our interests are quite well aligned at this time with those of the U.S. government and those of the government of Vietnam.”

Knapper noted that the participation of some U.S. government entities on the mission, including president and chair of U.S. Eximbank Reta Jo Lewis and special representative Sarah Morgenthau from the U.S. Department of State, conveys “a very strong and sincere message that the U.S. government is committed to the Comprehensive Strategic Partnership.”

Speaking at the event, Rafael Frankel, director of public policy for Southeast & South Asia at Meta Platforms, said Meta will continue to partner with academic institutions, researchers, and businesses in Vietnam. “We are going to bring our products and services to Vietnam that can really power the next wave of SME growth.”

Alex Levy, CEO of Atmo, a weather forecasting service provider, saw great potential for doing business in Vietnam, which is frequently affected by typhoons, landslides, and flooding. He expressed hope of exploring cooperation opportunities with the military and civilian sectors during the visit.