More than 50 corporations, together with defence, pharmaceutical and tech companies, will take part within the mission organised by the US-ASEAN Business Council, an trade physique, in line with an inventory seen by Reuters.
The delegation is an indication of rising curiosity within the international manufacturing hub, which is benefiting from a shift away from China amid Sino-U.S. commerce friction.
Vietnam, with a inhabitants of 100 million folks, additionally has a rapidly-growing shopper market as its center class expands.
“This is the biggest-ever mission in Vietnam,” mentioned Vu Tu Thanh, the US-ASEAN Business Council’s consultant within the nation, noting that the physique had been organising these occasions for 3 a long time.
Streaming big Netflix, which Reuters final month reported was planning to open an workplace in Vietnam, is among the many corporations becoming a member of the journey. Netflix didn’t reply to a request for remark.
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Aerospace producers Boeing, Lockheed Martin and Bell will maintain conferences with state-owned Vietnamese defence procurement corporations, Thanh advised Reuters, including that it was the primary time in a few decade that safety companies had determined to hitch the annual mission to Vietnam. In December, the identical corporations held talks with Vietnamese authorities officers in regards to the potential sale of helicopters and drones, because the nation seeks new suppliers and the Ukraine battle strains the capabilities of Russia, for many years Vietnam’s fundamental navy companion.
“Helicopters is one of the things the companies hope to sell to the Vietnamese,” Thanh mentioned, though he cautioned that defence offers took time to be accomplished and no rapid breakthrough was anticipated.
Boeing mentioned in a press release that its discussions with officers would give attention to its rising partnership with Vietnam and methods to strengthen the nation’s aviation and defence capabilities.
Lockheed Martin and Bell didn’t reply to requests for remark.
The majority of the businesses becoming a member of the business mission have already got a business or manufacturing presence in Vietnam, together with Apple, Coca-Cola and PepsiCo, Thanh mentioned, with some planning to increase it.
Some corporations are additionally coming to get a greater sense of the political scenario after current turmoil within the Communist-Party led nation, together with the resignation of the president in January, Thanh added.
Participants can have conferences with Vietnam’s high political and regulatory management, together with with Prime Minister Pham Minh Chinh.
Thanh mentioned some corporations had been involved in Vietnam as a producing hub and in offering providers to more and more rich shoppers at a time when financial development reached greater than 8% final yr.
Among them is SpaceX, which is trying to promote its satellite tv for pc web providers to Vietnam and different nations within the area, Thanh mentioned. SpaceX didn’t reply to a request for remark.
The mission may even embody semiconductors corporations, pharmaceutical giants Pfizer and Johnson & Johnson, medical gadget maker Abbott, monetary companies Visa and Citibank, web and cloud corporations Meta and Amazon Web Services, the record confirmed.
Source: economictimes.indiatimes.com