This week marks a significant occasion as a substantial U.S. business delegation, comprising around 50 companies including notable names such as Meta, Boeing, and GE Vernova, embarks on a visit to Vietnam. This move underscores the ongoing interest of U.S. corporations in the Southeast Asian nation, following an enhancement of bilateral ties last year initiated by U.S. President Joe Biden. The delegation, organized by the US-ASEAN Business Council, signifies one of the largest of its kind, with a diverse array of sectors represented, from aviation and energy to social media and gaming.
Among the participants are industry giants and innovators such as Meta, whose platform Facebook boasts over 60 million users in Vietnam, making it one of its most significant global markets. Boeing has previously secured a preliminary agreement with Vietnam Airlines for the purchase of 50 of its 737 aircraft, showcasing the depth of economic engagements between U.S. businesses and Vietnam. Additionally, the delegation includes firms like Koch Industries, UL Solutions, Chubb, Roblox, ATMO, and AES, many of which have established operations within the country, indicating a robust and growing economic partnership.
The visit aligns with a broader U.S. strategy of "friendshoring," which aims to solidify supply chains within politically allied nations, highlighting the strategic importance of Vietnam in this context. Despite the focus on various sectors, it's noted that no semiconductor firms are part of this week’s delegation, despite President Biden's push for increased cooperation in this crucial industry last year.
Led by Ted Osius, president of the U.S.-ASEAN Business Council and former U.S. ambassador to Vietnam, the delegation's agenda includes meetings with Vietnamese government and business leaders. Osius emphasized the significance of the upgraded bilateral relationship and pointed out that the participation spans multiple industries, indicating broad interest in sectors like digital transformation, decarbonization, and supply chain enhancement.
The business mission's visit not only highlights the ongoing commitment of U.S. businesses to explore and expand in the Vietnamese market but also reflects the strategic economic and diplomatic ties between the two countries. With foreign direct investment from the U.S. in Vietnam totaling $626 million last year, according to the Vietnam Foreign Investment Agency, the current delegation's visit might pave the way for increased U.S. investment, further integrating Vietnam into global supply chains and bolstering its economic standing in the region.