Meta, Boeing part of US business delegation to Vietnam, eyeing investment opportunities

By Minh Hieu   March 21, 2024 | 08:26 pm PT
Meta, Boeing part of US business delegation to Vietnam, eyeing investment opportunities
A man looks at a scale model of Boeing's 787 dreamliner at their booth at the Singapore Air Show in Singapore Feb. 19, 2008. Photo by Reuters
Behemoths Meta and Boeing, as part of a 50-strong U.S. business delegation, visited Vietnam this week to seek investment opportunities across various sectors, including semiconductors and artificial intelligence.

The visiting executives represented various sectors such as aviation, automotive, healthcare, and finance and their interests include digital transformation, decarbonization, and supply chains, Nikkei Asia quoted Ted Osius, president of the U.S.-ASEAN Business Council and a former U.S. ambassador to Vietnam, as saying.

The visit from Tuesday to Thursday, organized by the council, an advocacy group that promotes trade ties between the U.S. and ASEAN member countries, was the largest ever.

Following the upgrade of Vietnam-U.S. relations to a "comprehensive strategic partnership" last year, U.S. companies have been considering further investment in Vietnam in line with their "friendshoring" plans that emphasize setting up supply chains in friendly nations.

While the U.S. seeks to invest more in Vietnam’s semiconductor industry, no semiconductor company was represented in the delegation, according to Reuters.

Vietnam 5th most appealing Asian country for investors

Vietnam has become an attractive market for investors in recent years.

Among the emerging and developing countries in Asia, its popularity among investors trailed only Malaysia, Thailand, China, and Indonesia last year, according to U.S. economic think tank Milken Institute’s Global Opportunity Index report.

Globally, it ranked 65th out of 129 countries.

Asia performed well compared to other regions, accounting for 53.2% of the funds flowing into emerging and developing countries between 2018 and 2022.

Foreign direct investment in Vietnam surged by 32% last year to US$36.6 billion, according to the Ministry of Planning and Investment.

In the first two months of this year the FDI inflow was $4.29 billion, a 38.6% increase year-on-year.

At a meeting with Prime Minister Pham Minh Chinh last December John Neffeur, president of the U.S. Semiconductor Industry Association, had said Vietnam was the most attractive destination for American chipmakers.

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