52 US firms, including corporate giants Boeing and Netflix are in the biggest business mission to Vietnam

Dozens of American companies are in Vietnam this week to explore local investment opportunities in one of the fastest-growing economies in the world. Senior executives from 52 US firms, including corporate giants Boeing and Netflix, are taking part in the biggest business mission ever organized by the US-ASEAN Business Council.

The mission, held annually and currently led by former US Ambassador to Vietnam Ted Osius, began on Tuesday and runs until Thursday. Corporate heavyweights Boeing and Netflix have confirmed their participation, with the former’s president for Southeast Asia and managing director for Vietnam expected to meet with government officials to discuss ways to strengthen the country’s aviation and defense capabilities.

“Boeing has been developing its presence in Vietnam by investing in local capability building and collaborating with Vietnamese organizations across manufacturing, infrastructure, engineering services, aviation safety, sustainability, research and technology, training, and skills development,” the company said in a statement to CNN.

Netflix, on the other hand, declined to comment further. However, a person familiar with the matter revealed that the media giant is examining how to comply with a new regulation that requires overseas media companies to register for a business license from Vietnam in order to provide streaming services there.

Meanwhile, the US Ambassador to Vietnam, Marc E. Knapper, praised the remarkable commitment shown by American companies, including Boeing, Meta, and Netflix, to Vietnam by seeking local investment opportunities. “We see tremendous potential and actual business being done and the prosperity generated from it,” Knapper told reporters.

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The US-ASEAN Business Council President, Ted Osius, said that the large delegation signifies an ever-increasing interest in ASEAN countries compared to past eras. “This part of the world is the growth center of the globe,” he said. “There is quite a lot of interest in this dynamic region of 600-700 million people, 100 million of whom are Vietnamese.”

Bilateral trade between Vietnam and the US rose 11% last year to over $123.86 billion, with the US being Vietnam’s biggest export market last year with a value of $109.4 billion, up 13.6% from 2021. American companies are seeking to grow their global manufacturing hubs and supply chains in Vietnam, particularly in the semiconductors, FMCGs, toys, furniture, food & agriculture, digital economy, creative economy, financial services, and healthcare industries.

Vietnam’s rapid growth rate has also helped attract new companies that might not have been previously exposed to the country, according to Osius. He added that this has sparked healthy new competition for investment in the region. “Representatives of other ASEAN countries are saying: We have to hurry up because we have to compete with Vietnam. That wasn’t something that people said a couple of decades ago.”

The blitz by US companies this week underscores how Vietnam has emerged as an attractive destination for foreign businesses, as its rapid economic growth and rising middle class continue to lure investors. However, the nation of more than 97 million is also facing heightened risks due to the continued effects of the global economic slowdown. Oxford Economics forecast that the nation’s GDP growth will drop to 4.2% in 2023 due to “a weak outlook in its global trading partners and rising financial risks”. Prior estimates from the IMF, World Bank, and ADB for Vietnam’s economic growth by the year 2023 ranged from 6.2% to 6.7% and 6.3%, respectively. However, despite being cautious while setting an economic growth target for this year, the Vietnamese government remains dedicated to achieving the average growth rate of 6.5% for the entire year.
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Data sources: CNN, The General Statistics Office of Vietnam, WB, ADB, IMF

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