“US Conglomerate, a Top Global Player Since 1996, Eyes $2-3 Billion Manufacturing Expansion in Vietnam”

During the meeting, Mr. Antoine Colin congratulated Vietnam on its impressive economic growth and acknowledged the country’s significant transformation in improving its business investment environment. He emphasized that Vietnam is an important market for HP and expressed confidence in the country’s potential for success.

Mr. Colin highlighted the rapid establishment of HP’s factory in Vietnam, which was completed and operational within just six months. He shared HP’s plans to further expand its production capacity in the country, with an investment of 2-3 billion USD. The company aims to build an ecosystem and supply chain in Vietnam and the region to adapt to the new situation, investing more in Vietnam at an accelerated pace.

Mr. Colin elaborated on HP’s vision for its ecosystem in Vietnam, which includes synchronized infrastructure and technology, utilization of local human resources and components, a flexible supply chain, increased production of personal computers and printers, and expansion into new products and technologies, such as AI-integrated laptops.

Vietnam’s Prime Minister, Pham Minh Chinh, welcomed Mr. Antoine Colin’s visit to the country as the two nations celebrate 30 years of diplomatic relations and continue to strengthen their Comprehensive Strategic Partnership. He expressed appreciation for HP’s investment and cooperation in Vietnam, recognizing the company’s valuable contributions to the country’s economic development and bilateral relations.

The Prime Minister affirmed the Vietnamese government’s commitment to creating favorable conditions for foreign investors, including those from the United States, to successfully operate in Vietnam. This includes institutional reforms and ensuring compliance with laws, while addressing any obstacles in a spirit of harmony, shared risks and benefits, and mutual development.

Vietnam aims for an 8% growth rate in 2025 and double-digit rates in subsequent years. The country strives to become a modern industrial nation with high middle income by 2030 and a high-income developed country by 2045.

Regarding tax negotiations with the United States, the Prime Minister shared Vietnam’s policy of building an independent and autonomous economy while actively and proactively integrating into the international community. Vietnam encourages technology transfer, local production, and the utilization of Vietnamese human resources, raw materials, and components.

The Prime Minister suggested that HP expand its investments and encourage other businesses and partners to invest in Vietnam, especially in areas with high potential for cooperation and Vietnam’s priority sectors, such as high technology, sustainable development, and artificial intelligence. He also requested that HP advocate for favorable tax policies from the United States that benefit both sides.

Mr. Colin agreed with the Prime Minister’s suggestions and expressed confidence that Vietnam and the United States would find a mutually beneficial solution on tax issues. He assured the Prime Minister that HP would support Vietnam during the negotiation process.

HP also raised the issue of foreign contractor taxes. The Prime Minister acknowledged the concern and informed that the Vietnamese government and National Assembly are committed to addressing business concerns through practical and internationally aligned policies. The recently passed Law on Enterprise Income Tax (amended), which will take effect on October 1, 2025, includes provisions to avoid double taxation on the same income generated in Vietnam, in line with international practices and business operations.

The Prime Minister welcomed HP’s expansion of production, ecosystem, and supply chain in Vietnam and suggested the company continue dialogues with the Ministry of Finance and other relevant ministries during the process of developing guiding documents. He assured that Vietnam would maximize general regulations and consider special policies to encourage large-scale investment projects with advanced and modern technology transfer.