Vietnamese businesses seek investment opportunities in US

Those in attendance at the event included Diane Farrell, deputy under secretary for International Trade, US Ambassador to Vietnam Marc Knapper; representatives of the Department of State, the Department of Energy, the Office of the United States Trade Representative (USTR), the administrations of a number of states in which Vietnamese enterprises have run investment projects, as well as a number of associations and US enterprises investing in Vietnam.

The Vietnamese delegation to this year’s summit consists of more than 30 delegates from 20 businesses that have or are intending to invest in the US in different fields and industries, such as electric vehicle and battery manufacturing and assembling, technology, software, interior design, construction, logistics, transportation, food, and packaging.

Some businesses such as VinFast Auto have pledged large investments in the US and have duly contributed to bringing the nation to ninth position in the list of 10 countries in the Asia-Pacific region with the largest investment commitments in the US for the period from January, 2013, to December, 2022.

As part of his address, Vietnamese Ambassador to the US Nguyen Quoc Dung emphasized the developments made in mutual relations on the occasion of the 10th anniversary of the Comprehensive Partnership, while hoping that Vietnamese businesses will find more partners and investment opportunities in the US, thereby further tightening bilateral ties between the two sides.

Farrell pledged that the US Government will strive to create favourable conditions for Vietnamese businesses to make the right choices when investing in the US.

Vietnamese businesses shared their business plans in this market, going on to express their hope that both nations’ government agencies would continue to support their business investment activities in the US.

The same day saw Ambassador Dung and Ambassador Knapper attend a roundtable discussion with US businesses, hosted by The Asia Group.

The US business representative highly appreciated Vietnamese development potential, presented business and investment plans in the nation, and contributed ideas to further boosting Vietnamese development, especially in the fields of energy, aviation, technology, and climate change response.

The 2023 SelectUSA Investment Summit is an important annual conference aimed at attracting direct investment in the US. This year’s event ran from May 1 to May 4 in the state of Maryland, drawing nearly 4,000 attendees along with the presence of economic development organizations (EDOs) from states and territories throughout the US, including more than 1,200 investors from over 70 countries and territories globally.

The US remains the world's largest recipient of direct investment.