Well-known Chinese news site Sina (NASDAQ: SINA) recently reported that more than 50 defense, pharmaceutical and technology companies, including SpaceX, Netflix and Boeing, will join a delegation organized by the U.S.-ASEAN Business Council to visit Vietnam soon to explore investment and sales opportunities in the country. The U.S.-ASEAN Business Council Vietnam Chief Representative Ngo Thu Thanh said that similar activities organized by the organization have a history of 30 years. However, this time, Vietnam will usher in the largest delegation in history. Ng Thu Thanh pointed out that most of the companies in the delegation already have operations or production bases in Vietnam, such as Apple, Coca-Cola and Pepsi, and some companies are planning on expansion. Ng Thu Thanh revealed that Boeing, Lockheed Martin and Bell will hold meetings with several Vietnamese state-owned defense procurement companies. Boeing said in a statement that its discussions with Vietnam will focus on their growing partnership and ways to strengthen the country’s aerospace and defense capabilities. SpaceX, which is looking to sell satellite internet services to Vietnam and other countries in the region, was also in the delegation. The delegation also includes a number of semiconductor companies, pharmaceutical giants Pfizer and Johnson & Johnson, Abbott, Visa, Citibank, Meta and Amazon Web Services, along with other large companies. The trade friction between China and the U.S is in the ascendant, and the trend of staying away from China has allowed Vietnam to benefit. This visit shows that the international community is paying more attention to this rising international manufacturing center. With the expansion of the middle class, Vietnam, with a population of 100 million, has also become a rapidly growing consumer market. After Vietnamese President Nguyen Xuan Phuc’s resignation in January, some companies also came to learn more about the local political situation.
Source: Sina, March 17, 2023
https://finance.sina.com.cn/jjxw/2023-03-17/doc-imymczux4277665.shtml