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What fields of investment will the US prioritize Vietnam in 2022?

What fields of investment will the US prioritize Vietnam in 2022?

Tuesday 15, 03 2022
The US is continuing to invest in Vietnam in 2022. Healthcare, digital commerce, energy, and climate change are the fields that will be prioritized for investment.

Main investment areas

The US will prioritize healthcare, digital commerce, energy, and climate change when investing in Vietnam in 2022. Ms. Marisa Lago, Deputy Secretary of Commerce in charge of international trade, shared this information at the Vietnam - US Business Summit on the morning of March 8.

Marisa Lago said that in 2021, the two countries achieved positive economic growth and recovery results. The US has become Vietnam's second-largest trading partner and largest export market, while Vietnam has become America's ninth-largest trading partner.

According to Ms. Marisa Lago, there are currently more than 100 US experts ready to support businesses of the two countries in investing and promoting two-way trade.

Marisa Lago added that the US is planning to bring American medical delegations and the leading US corporations in the energy sector to Vietnam.

The US

The US currently has nearly 1,150 projects in operation in Vietnam, with a total registered investment capital of more than 10.3 billion USD, ranking 11th out of 141 economies with investment in Vietnam.

In 2021, amid difficulties due to the pandemic, many leading US corporations such as Apple, Amazon, Google, Intel, etc., still announced their investments in Vietnam. In which, Intel Corporation has additionally invested 475 million USD.

Vietnam also welcomes First Solar - one of the 3 largest energy corporations in the US - with a project to produce solar panels with thin-film technology, with a total investment of over 1 billion USD.

In addition, Hayward Quartz Technology INC in Silicon Valley invested 110 million USD in a high-tech park in Da Nang.

The survey results on business investment in 2021 by the American Chamber of Commerce in Vietnam (AmCham) show that nearly 80% of AmCham members rate very positively or positively about the medium and long-term prospects in the Vietnamese market.

“The trend of growth in trade and investment between the two countries will continue to be maintained and accelerated in the coming time. The fact that the Vietnamese government is constantly improving the business environment and removing difficulties for investors is a prerequisite for American businesses to bring capital to Vietnam," said Adam Sitkoff, AmCham Executive Director.

In general, the business communities of Vietnam and the US see that the two countries' trade and investment relationship still has great room for development. For the US, Vietnam is considered an important link in the global goods supply chain, and this role is expected to continue to increase in the coming time.

business communities

At the same time, American companies and investors have contributed significantly to the transformation and growth of the Vietnamese economy.

“I am confident that the growth trend in trade and investment between the two countries will continue to be maintained,” said Adam Sitkoff.

Developing green energy

At the Vietnam-US Business Summit in 2022, Prime Minister Pham Minh Chinh emphasized that in the new FDI attraction strategy, Vietnam places greater priority on attracting high-tech projects and transforming digital transformation, especially investment projects in clean energy.

A representative of ExxonMobil Group in the Asia-Pacific region said that the company is implementing several gas-electricity projects in Vietnam. Thereby, ExxonMobil further affirmed that Vietnam is an important market. The company is also developing and applying advanced technologies and solutions to support the clean energy transition in Vietnam.

ExxonMobil Group

Earlier, at the Vietnam-US Trade Forum, the US Embassy's Interim Representative in Vietnam, Ms. Marie Damour, said that Vietnamese - US businesses are maintaining a strong momentum of development in diversified fields of investment such as health care, energy, education, etc.

“Vietnam has committed to ambitious climate change targets at COP26, and the US is committed to supporting Vietnam in achieving these goals. Although this is not an easy goal, it is these challenges that will be an opportunity for businesses of both sides to develop sustainably, with feasible projects on renewable energy investment,” said Ms. Marie Damour.

 

Compiled by VietnamCredit

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