SpaceX, Netflix, and Boeing will join the “largest-ever” U.S. corporate trip to Vietnam next week, according to the mission’s organizer, to explore investment and sales potential in the developing Southeast Asian nation.
According to a list reviewed by Reuters, more than fifty companies, including defense, pharmaceutical, and technology industries, would participate in the trip organized by the US-ASEAN Business Council, an industry group.
The delegation is indicative of a growing interest in the global manufacturing hub, which is benefiting from a move away from China as a result of Sino-American trade tensions.
Vietnam, which has a population of 100 million, also has a fast-expanding consumer market due to its expanding middle class.
“This is the largest mission ever held in Vietnam,” said Vu Tu Thanh, the US-ASEAN Business Council’s representative in the nation, noting that the organization has been organizing similar events for the past three decades.
Netflix, which Reuters reported last month was looking to create an office in Vietnam, is among the firms participating on the trip. Netflix declined to comment in response to a request.
Boeing, Lockheed Martin, and Bell will meet with state-owned Vietnamese defense procurement organizations, Thanh told Reuters, adding that this is the first time in over a decade that security corporations have agreed to participate in the yearly expedition to Vietnam.
In December, the same companies held discussions with Vietnamese government officials regarding the possible sale of helicopters and unmanned aerial vehicles, as the country seeks new suppliers and the Ukraine conflict strains the capabilities of Russia, Vietnam’s primary military partner for decades.
“Helicopters are one among the items the corporations seek to sell to the Vietnamese,” Thanh said, though he stressed that defense transactions take time to finalize and no quick breakthrough was anticipated.
Boeing stated in a statement that its conversations with Vietnamese authorities will center on methods to boost the country’s aviation and defense capabilities.
Lockheed Martin and Bell did not reply to comment inquiries.
The bulk of firms participating in the business mission, including Apple, Coca-Cola, and PepsiCo, already have a business or manufacturing presence in Vietnam, according to Thanh, and want to grow it.
Thanh said that some corporations are also coming to have a better understanding of the political situation in the Communist Party-led nation following the January resignation of the president.
Delegates will meet with the political and regulatory leadership of Vietnam, including Prime Minister Pham Minh Chinh.
Thanh stated that some corporations were interested in Vietnam as a manufacturing hub and as a provider of services to consumers who were becoming more affluent at a period when economic growth exceeded 8%.
Thanh stated that SpaceX is seeking to offer its satellite internet services to Vietnam and other nations in the area. SpaceX declined to comment in response to a request.
In addition to semiconductor businesses, the mission will include pharmaceutical giants Pfizer and Johnson & Johnson, medical device manufacturer Abbott, banking corporations Visa and Citigroup, and internet and cloud companies Meta and Amazon Web Services, according to the list.
Network Hype Team