Vietnamese President Luong Cuong’s U.S. Visit: Costco Eyes $1B in Vietnamese Imports, Boeing Delivers Aircraft, Paving the Way for Vietnam’s Supply Chain Expansion

During the meeting with Ron Vachris, Chairman and CEO of Costco, a retail giant with an impressive scale, significant commitments were made.

With nearly $242 billion in annual revenue, a market capitalization exceeding $370 billion, a network of over 870 hypermarkets, and a global workforce of 310,000, Costco has set an ambitious goal: to import over $1 billion worth of Vietnamese goods annually into its supply chain.

The strategic products targeted are Vietnam’s strengths, including textiles, footwear, furniture, seafood, cashews, and coffee.

Notably, Costco views Vietnam not just as a supplier but also expresses interest in establishing a strategic cooperation framework to jointly develop production capabilities and lead the adoption of ESG (Environmental, Social, and Governance) standards.

In response, President Luong Cuong praised Costco’s vision and initiative, calling it a correct direction that enables Vietnamese businesses to integrate more deeply into the global value chain.

President Luong Cuong also commended Costco’s leadership in promoting ESG standards, aligning with Vietnam’s sustainable development goals. Highlighting Vietnam’s market potential of nearly 100 million people, he affirmed Vietnam as an attractive destination and expressed hope for Costco’s official presence and long-term investment in Vietnam.

Beyond retail, President Luong Cuong’s visit also marked significant advancements in aviation cooperation.

During a meeting with Stephanie Pope, President and CEO of Boeing Commercial Airplanes, the extensive partnership was highlighted. With Vietjet’s order of over 200 aircraft and Vietnam Airlines operating 17 Boeing planes, Pope emphasized Vietnam’s growing importance to Boeing.

President Luong Cuong urged Boeing to go further by promptly studying and investing in component manufacturing plants and a regional MRO (Maintenance, Repair, and Overhaul) center in Vietnam, paving the way for Vietnamese businesses to engage more deeply in Boeing’s global supply chain.

These high-level meetings took place during a special context, as Vietnam and the U.S. celebrate 30 years of diplomatic relations and 2 years of the Comprehensive Strategic Partnership.

With bilateral trade reaching nearly $150 billion in 2024, the U.S. is Vietnam’s second-largest trading partner and most important export market, providing a solid foundation for deeper economic cooperation.