USABC states that these businesses operate in various sectors such as technology, energy, aerospace and defense, manufacturing, agriculture and food, financial services, healthcare, investment funds… The expected list of participating businesses includes: 3M, Boeing, Coca-Cola, ECV Holdings, Ford, KKR…
An American business operating in Vietnam
During the visit, the US business community wishes to explore opportunities to support the Vietnamese Government in maintaining macroeconomic stability, enhancing the economy’s resilience against global fluctuations, and restructuring the economy by innovating the growth model. US businesses also want to support the realization of initiatives and programs set out in the Vietnam-US Comprehensive Partnership, demonstrating the private sector’s commitment as a reliable partner and resource in promoting shared economic goals and priorities.
In March of last year, more than 50 American businesses came to Vietnam to discuss investment and business opportunities. Several familiar names with business or production activities in Vietnam and plans for expansion were included, such as Apple, Coca-Cola, PepsiCo, Netflix…
According to data from the Foreign Investment Agency, Ministry of Planning and Investment, as of February 2024, Vietnam has attracted 39,553 foreign direct investment projects with a total registered capital of over 473 billion USD from 145 countries and territories. The US ranks 11th with 1,347 projects and a total registered capital of over 11.8 billion USD.
At the end of February 2024, the US semiconductor company Kine SIC Semi expressed its desire to invest 200 million USD in Bac Ninh. Mr. Vuong Quoc Tuan, Vice Chairman of the Provincial People’s Committee of Bac Ninh, had a working session with this business. At the meeting, Mr. Johnny Nguyen, Vice Chairman of the Board of Directors of Kine SIC Semi, shared that Vietnam is a potential land with a source of raw materials for chip production. Kine SIC Semi hopes that Bac Ninh province will create favorable conditions for investment to build a factory with a total investment of about 200 million USD.
Many semiconductor “eagles” from the US are expanding their investment in Vietnam, such as Intel, Marvell, Synopsys, Qualcomm, Ampere. In 2023, Amkor opened a new facility in Bac Ninh, Marvell announced that it will establish the world’s largest R&D center in Ho Chi Minh City. Since 2006, Intel has invested over 1.5 billion USD in Vietnam and is now entering the second phase of expansion in Ho Chi Minh City.
Conversely, Vietnamese businesses also seek opportunities to do business in the US. Last year, 30 representatives from Vietnamese businesses attended the SelectUSA Investment Summit.
