US retail giant Costco eyes deeper partnerships with Vietnamese suppliers

Costco, one of the largest retail corporations in the United States, is looking to significantly expand its collaboration with Vietnamese suppliers, with the potential value of imports exceeding $1 billion annually.

During a meeting with Vietnamese President Luong Cuong in Seattle on Sunday morning (local time), Ron Vachris, president and CEO of Costco, reaffirmed the company’s commitment to strengthening long-term cooperation with Vietnam’s top suppliers by sourcing products tailored to international market demands.

He noted that Vietnamese exports into Costco’s global supply chain could surpass $1 billion per year, with key product categories including textiles, footwear, furniture, seafood, cashew nuts, and coffee.

Vachris also emphasized Costco’s intention to develop a strategic partnership framework aimed at enhancing production capacity and supply chain efficiency. He added that Costco is ready to share its operational expertise and promote the adoption of ESG (environmental, social, and governance) standards across its supplier network.

In response, President Cuong praised Costco’s robust business performance and growing interest in Vietnamese goods. He welcomed the company’s cooperation initiative, calling it a timely move that would enable Vietnam to participate more deeply in global value chains, particularly in agriculture, aquaculture, apparel, footwear, and light manufacturing.

The President also commended Costco’s leadership in advancing ESG practices, which align with Vietnam’s commitment to sustainable development. He affirmed the country’s willingness to collaborate on green technology transfer and assist local businesses in improving production processes, cutting emissions, adopting renewable energy, and enhancing product competitiveness.

With a population nearing 100 million and a rapidly expanding consumer base, Cuong emphasized that Vietnam represents a high-potential destination for global investors. He also expressed hope that Costco would consider establishing an official and long-term presence in the country.

The State President is in the U.S. from Sunday to Wednesday for the High-Level General Debate of the 80th session of the United Nations General Assembly (UNGA 80) and bilateral activities.