More than 50 U.S. companies, including those operating in the defense, pharmaceutical, and tech sectors, will join the US-ASEAN Business Council’s mission. Such giants as SpaceX, Netflix, and Boeing are among the participants in what was called the "biggest-ever" U.S. business mission to Vietnam.
Interest in Vietnam as a global manufacturing hub is on the rise since many countries are shifting away from China amid its tensions with the United States. Vietnam’s consumer market is expanding as the portion of the middle class totaling 100 million people demonstrates a steady increase.
"This is the biggest-ever mission in Vietnam," said Vu Tu Thanh, the US-ASEAN Business Council's representative in the country, having also mentioned that the Council had been working on arranging these events for three decades.
A month earlier, the streaming giant Netflix revealed that it was planning to open an office in China.
In the meantime, the American aerospace companies Boeing, Lockheed Martin, and Bell will be holding negotiations relating to state procurements in the defense sector.
Back in December, these companies discussed a possible sale of helicopters and drones with Vietnamese government officials. Following the Russia-Ukraine war, Vietnam intends to switch to different suppliers, as the key ones previously were Russian companies.
Boeing also plans to hold talks with Vietnamese officials about relevant ways to boost Vietnam's aviation and defense capabilities.
Most companies that have joined this large-scale business mission already have business or production facilities in Vietnam, including Apple, Coca-Cola, and PepsiCo, while others plan to expand into this market.
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