Diverse large US corporations plan to expand and increase investment capital in Vietnam

Monday, 22/05/2023 00:18
Investment attraction from the US to Vietnam is promising, as some large corporations are planning to expand and increase investment capital in Vietnam.
US businesses promote investment in many southern provinces. (Photo: congthuong.vn) 

Looking back at the past time, it can be seen that 2021 was the first year that Vietnam - US trade reached the milestone of USD100 billion. In 2022, bilateral trade continued to set a new record with USD123.7 billion. In the 4 months of 2023, this figure reached about USD32.5 billion.

In terms of investment, the total investment capital from the US into Vietnam accumulated to the end of 2022 was USD11.42 billion with 1,216 projects. Recently, a delegation with more than 50 US businesses, including many big names such as Boeing, Lockheed Martin Military Industry Corporation, SpaceX Technology Group, Netflix and Apple, with the intention of investment or expansion of investment in Vietnam have been receiving great attention from experts and are expected to drive a strong shift in attracting US investment to Vietnam.

Many large US corporations are also implementing plans to expand and increase investment capital in Vietnam. During a meeting with Binh Duong leaders in late April, Ms Priyamvada Srivastava, General Director of Procter & Gamble Group (P&G) Vietnam, said that P&G will continue to invest nearly USD100 million to expand production line at Ben Cat factory. With this additional investment, P&G's total investment capital in Vietnam will increase from USD300 million to USD400 million, making Vietnam a key investment destination, focusing on modern production in its production chain worldwide.

Or AES, a Fortune 500 US energy company, said that it will continue to seek opportunities to develop renewable energy in Vietnam, and bring energy storage technology and solutions to help Vietnam integrate renewable energy, reduce congestion and stabilize the power grid.

Many US states, in recent investment promotion trips to some provinces in the Southeast region, also said that in the coming time, they will strengthen cooperation in the fields of manufacturing components and spare parts in the construction and automobile areas, stainless steel products and machinery and equipment for the irrigation industry.

According to the Chairman of the US-ASEAN Business Council Ted Osius, despite being strongly affected by global fluctuations, Vietnam has achieved stable growth. US businesses consider Vietnam a strategic market with long-term investment commitments. Large US enterprises also carry the message of trust in the Vietnamese economy as a friendly and reliable partner in the global supply chain. In addition, it proves that Vietnam has a stable political and macroeconomic situation, a young workforce, a continuously modernized infrastructure, a gradually improving investment environment and a favorable geographical position for connection with regional markets.

Mr. Gregory Testerman, President of the American Chamber of Commerce (AmCham), said that the US business community is interested in the socio-economic development plan of Vietnam in general and Ho Chi Minh City in particular in attracting investment in high technology and innovation, attracting investment in the financial center of the region and the world./.

Compiled by BTA