• Tue. Mar 28th, 2023

SpaceX, Netflix, Boeing to hitch “biggest-ever” US enterprise mission to Vietnam


Mar 17, 2023

By Francesco Guarascio

HANOI (Reuters) – SpaceX, Netflix and Boeing are among the many corporations becoming a member of the “biggest-ever” U.S. enterprise mission to Vietnam subsequent week to debate funding and gross sales alternatives within the booming Southeast Asian nation, the organiser mentioned.

Greater than 50 corporations, together with defence, pharmaceutical and tech corporations, will take part within the mission organised by the US-ASEAN Enterprise Council, an business physique, in keeping with a listing seen by Reuters.

The delegation is an indication of rising curiosity within the world manufacturing hub, which is benefiting from a shift away from China amid Sino-U.S. commerce friction.

Vietnam, with a inhabitants of 100 million folks, additionally has a rapidly-growing client market as its center class expands.

“That is the biggest-ever mission in Vietnam,” mentioned Vu Tu Thanh, the US-ASEAN Enterprise Council’s consultant within the nation, noting that the physique had been organising these occasions for 3 a long time.

Streaming big Netflix, which Reuters final month reported was planning to open an workplace in Vietnam, is among the many corporations becoming a member of the journey. Netflix didn’t reply to a request for remark.

Aerospace producers Boeing, Lockheed Martin and Bell will maintain conferences with state-owned Vietnamese defence procurement corporations, Thanh instructed Reuters, including that it was the primary time in a few decade that safety corporations had determined to hitch the annual mission to Vietnam.

In December, the identical corporations held talks with Vietnamese authorities officers concerning the potential sale of helicopters and drones, because the nation seeks new suppliers and the Ukraine battle strains the capabilities of Russia, for many years Vietnam’s major army companion.

“Helicopters is among the issues the businesses hope to promote to the Vietnamese,” Thanh mentioned, though he cautioned that defence offers took time to be accomplished and no speedy breakthrough was anticipated.

Boeing mentioned in an announcement that its discussions with officers would concentrate on its rising partnership with Vietnam and methods to strengthen the nation’s aviation and defence capabilities.

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Lockheed Martin and Bell didn’t reply to requests for remark.

The vast majority of the businesses becoming a member of the enterprise mission have already got a enterprise or manufacturing presence in Vietnam, together with Apple, Coca-Cola and PepsiCo, Thanh mentioned, with some planning to increase it.

Some corporations are additionally coming to get a greater sense of the political state of affairs after latest turmoil within the Communist-Social gathering led nation, together with the resignation of the president in January, Thanh added.

Individuals could have conferences with Vietnam’s high political and regulatory management, together with with Prime Minister Pham Minh Chinh.

Thanh mentioned some corporations had been all for Vietnam as a producing hub and in offering providers to more and more rich shoppers at a time when financial development reached greater than 8% final 12 months.

Amongst them is SpaceX, which is seeking to promote its satellite tv for pc web providers to Vietnam and different nations within the area, Thanh mentioned. SpaceX didn’t reply to a request for remark.

The mission may also embody semiconductors corporations, pharmaceutical giants Pfizer and Johnson & Johnson, medical machine maker Abbott, monetary corporations Visa and Citibank, web and cloud corporations Meta and Amazon Net Companies, the record confirmed.

(Reporting by Francesco Guarascio; Enhancing by Jamie Freed)

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