More than 50 Companies Joining Biggest Ever U.S. Business Mission to Vietnam
- March 17, 2023
- Posted by: Quatro Strategies
- Category: Politics
More than 50 companies, including defense, pharmaceutical and tech firms, are joining the biggest ever U.S. business mission to Vietnam next week to discuss investment opportunities in the Southeast Asian nation, which has come into the spotlight in the midst of a Sino-U.S. trade war. SpaceX, Netflix and Boeing are among the companies joining the business mission, the U.S.-ASEAN Business Council, the event’s organizer, said. The large delegation is a sign of rising interest in Vietnam as companies look to shift away from China. Vietnam, with a population of 100 million people, also has a rapidly-growing consumer market as its middle class expands.
Representatives of the U.S.-ASEAN Business Council say this is the biggest ever mission in Vietnam, which has been organized for three decades.
Streaming giant Netflix, which is planning to open an office in the country, is joining the trip, as well as aerospace manufacturers Boeing, Lockheed Martin and Bell, which will hold meetings with state-owned defense procurement companies.
In December, the same companies held talks with Vietnamese government officials about the possible sale of helicopters and drones, as the country seeks new suppliers and the Ukraine conflict strains the capabilities of Russia, for decades Vietnam’s main military partner.
Boeing said in a statement that its discussions with officials would focus on its growing partnership with Vietnam and ways to strengthen the country’s aviation and defense capabilities.
The majority of the companies joining the business mission already have a business or manufacturing presence in Vietnam, including Apple, Coca-Cola and PepsiCo, with some planning to expand operations.
Participants will have meetings with Vietnam’s top political and regulatory leadership, including with Prime Minister Chinh.
The mission will also include semiconductors companies, pharmaceutical giants Pfizer and Johnson & Johnson, medical device maker Abbott, financial firms Visa and Citibank, internet and cloud companies Meta and Amazon Web Services.
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