Thanks to sound relations between the two countries and Vietnam’s improved business climate, many US enterprises have signed contracts with Vietnamese firms to pour additional capital into oil and gas, information and technology, cattle feed and electronics.
Cargill Vietnam Company Limited is rushing to extend its operation in the country beyond its successful animal feed business. By the end of this year, the company will open a warehouse valued at 10 million USD in Phu My port, the southern province of Ba Ria-Vung Tau.
It also plans to work with the Ministry of Transport on a port investment project in the north to increase its presence in Vietnam.
Meanwhile, Dow Chemical Company, the US’s leading chemical corporation, is planning to branch out its operation this year, revealed the Country Manager Tomoyuki Sasama in a meeting with Minister of Planning and Investment Nguyen Chi Dung.
Dow Chemical has worked with Vietnamese enterprises in the fields of agricultural chemical, biology and services, Sasama said, adding that with long-term investment, the company is ready to support Vietnam to set up a national chemical portfolio for research and development.
Dow Chemical has market capitalisation value of 60 billion USD and produce chemicals in 35 countries and territories and employs 53,000 workers.
Besides, casinos and other forms of entertainment are expected to lure additional US capital. Time Warner, Inc, the world’s leading mass media and entertainment conglomerate, is seeking opportunities to invest in Vietnam.
In a survey conducted by the American Chamber of Commerce in Vietnam on 100 US companies in Vietnam, 72 percent of the firms affirmed that Vietnam’s business climate has improved, higher than the figure in Myanmar (70 percent), Malaysia (23 percent), Thailand (22 percent) and Brunei (16 percent).
Vietnam’s key business sectors feature US companies, including Exxon Mobil and Chevron in oil and gas field, Boeing, ADC-HAS Airport in aviation, Microsoft, Intel, Apple and HP in information and technology and General Electric, General Atlantis and AES in electric appliances.
Statistics showed that US enterprises have 834 projects with total registered capital of 10.2 billion USD in Vietnam, with the US the ninth largest investor among 116 countries and territories in Vietnam.