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A large US business delegation, including Meta, Boeing, and wind energy firm GE Vernova, is visiting Vietnam this week in a sign of continued corporate interest in the Southeast Asian nation after Washington upgraded ties last year. About 50 companies will participate, according to the organizer, the US-ASEAN Business Council, which brought a business delegation of similar size to Vietnam last year.
Diverse Participation
CNA noted that conglomerate Koch Industries, safety standards firm UL Solutions, insurance group Chubb, gaming company Roblox, weather forecasts provider ATMO, and energy firm AES are also participating. Many of these companies are already active in Vietnam.
Meta's Facebook has over 60 million users nationwide, making it one of its largest markets globally. Last year, Boeing signed a preliminary deal with Vietnam Airlines to sell 50 of its 737 planes.
Strengthening Relations
US President Joe Biden upgraded relations with Vietnam last year and pushed for increased cooperation in the semiconductor industry. The organizers said, however, that no semiconductor firms are scheduled to join this week's business delegation.
According to Reuters, the business mission will hold meetings with local authorities from Tuesday to Thursday. On Monday, a smaller delegation of security firms plans to discuss possible business opportunities with representatives from Vietnam's ministries of defense and police, according to the organizers.
Expanding Economic Ties
The visit of such a sizeable and diverse business delegation underscores the growing economic ties between the United States and Vietnam. These ties have steadily expanded beyond traditional sectors, venturing into technology, renewable energy, and security. This progression reflects Vietnam's increasing strategic importance in the region and its potential as a critical hub for American businesses looking to diversify their manufacturing and expand their market reach in Southeast Asia.
The discussions and agreements formed during this visit are expected to pave the way for deeper cooperation, potentially leading to substantial investments and partnerships that could significantly impact Vietnam's economic landscape and its role in the global supply chain.
Photo: Muhammad Asyfaul/Unsplash
