US firms show rising interest in Vietnam as global manufacturing hub
The largest-ever U.S. business mission to Vietnam that includes 52 firms is sounding out investment and business opportunities in the booming Southeast Asian country.
Apple, Meta, energy firm AES, Coca-Cola, PepsiCo, Boeing, SpaceX, Netflix, and Lockheed Martin are part of the mission, organized by the U.S.-ASEAN Business Council (USABC) from March 21-23.
Not just a new global production base, Vietnam, with a population of 100 million people, also has a rapidly-growing consumer market as its middle class expands.
Rafael Frankel, Meta’s director for the Asia-Pacific region, said Vietnam is a truly innovative economy with broad internet penetration, impressive growth, and an adaptable and hard-working workforce.
Along with that, the governments of the U.S. and Vietnam have made efforts to promote economic and cooperation ties for Vietnam to lead Southeast Asia in green growth and technology. Therefore, U.S. businesses expect a bright future and want to make more contributions to this process, he said.
Squall Wang, CEO of logistics firm UPS Vietnam, said the express delivery company is aware of Vietnam’s outstanding development in recent years, and wishes to continue to work with policymakers to drive sustainable growth.
In the energy sector, Dang Huong Lan, foreign affairs director of AES Vietnam, said energy continues to be a strategic area of cooperation between the two countries. AES is committed to serving Vietnam’s energy development efforts while leading the energy transition for a cleaner, smarter energy future.
"LNG serves as a transitional fuel for a more sustainable electricity sector in Vietnam. We are working to accelerate our development of the Son My LNG Terminal and the Son My 2 power plant in Binh Thuan province, with a total investment of approximately $3.2 billion. This will immediately play a role in the country’s energy source diversification," Lan said.
"We are introducing the battery energy storage system (BESS) technology to multiply effectiveness in renewable energy investment, solving bottlenecks in transactions and stabilizing the power grid," she added.
U.S. Ambassador to Vietnam Marc Knapper (L) and USABC president Ted Osius at a press briefing on the U.S. business mission in Hanoi on March 21, 2023. Photo courtesy of Youth newspaper.
U.S. companies are aware of continued expansion in production and global supply chains in Vietnam in semiconducting, FMCG, industries, toys, furniture, food processing, digital and creative economy development, banking and financial services, and healthcare. The aerospace, defense and security sectors have also seen rising interest from both sides.
USABC president and CEO Ted Osius, former U.S. ambassador to Hanoi, told a press briefing on Tuesday that Vietnam is the eighth largest trading partner of the U.S. "American firms are strong in areas like digital and creative economy development, and green energy, meaning more opportunities for bilateral economic cooperation."
The largest-ever U.S. business mission in Vietnam can also be seen as an indicator of an investment wave to Vietnam and ASEAN countries, he said.
Osius added that during the first working day Tuesday, the mission had meetings with different Vietnamese ministries in planning and investment, industry and trade, and finance, and will continue to meet with government leaders. The meetings had good results as ministry officials were ready to answer questions and exchange ideas to solve problems.
"U.S. businesses are paying great attention to cooperation opportunities with Vietnam, an economy that expanded by 8% amid the gloomy global economy.”
Michael Michalak, senior vice president of USABC and the regional CEO, another former U.S. ambassador to Hanoi, said FDI enterprises’ feedback is very positive as they saw the Vietnamese government is in a position for open talks.
Michalak added that after the Covid-19 pandemic, U.S. firms are looking to strengthen supply chain alliances that include members of the Indo-Pacific Economic Framework (IPEF) of which Vietnam is also a member. This is an opportunity that businesses need to pay attention to.
Vietnam’s Minister of Planning and Investment Nguyen Chi Dung had a meeting with the U.S. mission in Hanoi on Tuesday. He said there is huge cooperation potential for the two sides in the fields of green growth, digital economy, science-technology development, and innovation.
Dung said Vietnam encourages and prioritizes quality and focus-driven FDI. The country is also implementing policies to help businesses step up investment in science-technology and improve their production capacity to engage in global supply chains, particularly in the spheres of high technology, innovation, green energy, renewable energy, finance - banking, healthcare, human resource training, infrastructure, and the environment.
The mission includes 3M, Abbott, AES, AIG, Amazon Web Services, Apple, Bay Global Strategies, Bell, Boeing, Citi, Coca-Cola Beverages Vietnam, Energy Capital Vietnam, Fedex, Ford, GSK, J.P. Morgan Chase, KKR, Lockheed Martin, Mariott International, MasterCard, Meta, Mondelez, MSD, MSD Animal Health, Netflix, Organon, PepsiCo, P&G, Roblox, Salesforce, Samtec, SpaceX, Suntory Pesico Vietnam Beverage, Tilleke & Gibbins, UL Solutions, UPS, Viatris, Visa, Vriens & Partner, and VinFast U.S..
The health and life sciences firms on the mission are Abott, Boston Scientific, GE Healthcare, GSK, Illumina, Johnson & Johnson, Medtronic, MSD, Pfizer, Reckitt, Varian Medical Systems, Viatris, Amazon Web Services, and Bay Global Strategies.
- Read More
Vietnam mulls opening door for private investment in small modular reactors
Vietnam’s Ministry of Industry and Trade has drafted a parliamentary resolution that, for the first time, would allow private companies to participate in the development of small modular nuclear reactors (SMRs).
Energy - Fri, October 17, 2025 | 4:37 pm GMT+7
Kido seeks buyer for remaining 49% stake in frozen food affiliate
Kido Group (HoSE: KDC), a leading food company in Vietnam, has approved a plan to divest the firm's remaining 49% stake in its affiliate Kido Frozen Food JSC (Kido Foods).
Companies - Fri, October 17, 2025 | 4:25 pm GMT+7
Le Ngoc Quang appointed Danang city's Party chief
Le Ngoc Quang, a Party Central Committee member and Party chief of Quang Tri province, has been appointed Party chief of Danang for the 2025-2030 term - the highest position in the city, central Vietnam's economic hub.
Politics - Fri, October 17, 2025 | 4:17 pm GMT+7
T&T Group seeks to reshape north-central Vietnam’s urban landscape with major projects
Multi-sector conglomerate T&T Group is developing a model eco-urban complex in Ha Tinh province and plans to build a massive 236-hectare urban area in neighboring Nghe An, with an aim to reshape north-central Vietnam's urban landscape.
Investing - Fri, October 17, 2025 | 2:44 pm GMT+7
Toyota plans $359 mln plant expansion in northern Vietnam
Toyota Motor Vietnam (TMV) plans to invest about VND9.46 trillion ($359.2 million) in the first phase of its plant expansion project in Phu Tho province.
Investing - Fri, October 17, 2025 | 2:09 pm GMT+7
PVI Insurance sees 9-month profit before tax more than doubling
PVI Insurance has reaffirmed its position as the No. 1 non-life insurer in Vietnam, with total revenue increasing nearly 1.4 times in the first nine months of 2025 and pre-tax profit more than doubling year-on-year - surpassing its full-year targets for both revenue and profit.
Companies - Fri, October 17, 2025 | 9:08 am GMT+7
Vingroup to develop 4,600ha coastal urban project in northern Vietnam
A consortium of Vingroup (HoSE: VIC) and its real estate arm Vinhomes (HoSE: VHM) will develop a 4,600-hectare coastal urban complex in Ha An ward, Quang Ninh province, following local authorities’ approval of a zoning plan.
Real Estate - Fri, October 17, 2025 | 8:30 am GMT+7
Indonesia resumes int’l carbon trading after 4-year hiatus
Indonesian President Prabowo Subianto has issued a new decree to restart international carbon emissions trading after a four-year hiatus.
Southeast Asia - Thu, October 16, 2025 | 9:23 pm GMT+7
Investors seek 2-year delay for $2.56 bln LNG power project in northern Vietnam, citing equipment hurdles
Investors of a $2.56 billion LNG-fired power plant in Hung Yen province have proposed delaying the project’s commercial operation schedule by two years due to difficulties securing key equipment.
Energy - Thu, October 16, 2025 | 9:04 pm GMT+7
Vietnam to soon raise taxpayers' personal deduction: official
The personal income tax deduction in Vietnam is "very likely" to increase to VND21.7 million ($823,940) per month, including VND15.5 million (588,530) for the taxpayer and VND6.2 million ($235,410) for each dependent.
Finance - Thu, October 16, 2025 | 6:25 pm GMT+7
Business confidence climbs as reforms gain traction amid global headwinds: EuroCham Vietnam
The index climbed to 66.5, surpassing pre-tariffs level and reaching its highest in three years – showcasing resilience and adaptability amid global headwinds and evolving U.S. tariff pressures.
Economy - Thu, October 16, 2025 | 4:36 pm GMT+7
Vietnam's stock market watchdog suspends two Grant Thornton auditors
Vietnam's State Securities Commission (SSC) has suspended two auditors from Grant Thornton Vietnam after determining that the 2024 audited financial statements of Saigon Water Infrastructure Corporation (HoSE: SII) failed to meet required standards.
Finance - Thu, October 16, 2025 | 3:35 pm GMT+7
Law No. 56 a major policy breakthrough for Vietnam's stock market development
The Law No. 56, effective January 1, 2025, is one of the major legal breakthroughs in recent years that will enhance the transparency and operational efficiency of the Vietnamese stock market.
Finance - Thu, October 16, 2025 | 2:30 pm GMT+7
WHA Group breaks ground on smart technology industrial zone in central Vietnam
Thailand's WHA Group on Tuesday broke ground on a world-class, modern, and environmentally friendly industrial zone in central Vietnam, namely the WHA Smart Technology Industrial Zone-Thanh Hoa.
Real Estate - Thu, October 16, 2025 | 2:00 pm GMT+7
Vietnam a key partner in Murphy Oil’s global strategy: exec
Vietnam remains a key partner in Murphy Oil’s global business strategy, said Eric Hambly, the U.S. corporation's president and CEO.
Companies - Thu, October 16, 2025 | 12:06 pm GMT+7
VNPT, Qualcomm debut Vietnam’s 1st original design-based excellence center
State-owned Vietnam Posts and Telecommunications Group (VNPT) and Qualcomm have officially launched the VNPT-Qualcomm Excellence Center (VQEC), the first facility in the country to operate under an original design co-development model using Qualcomm’s core technologies.
Companies - Thu, October 16, 2025 | 8:41 am GMT+7




















