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CORPORATE NEWS

US BUSINESS DELEGATION VISITS by the US-ASEAN Business Council (USABC)
and led by President and CEO, and former
US Ambassador to Vietnam, H.E. Ted Osius.
PepsiCo’s Ha Nam food plant will cost $90
million, while its Long An beverage plant
has a price tag of $300 million. It received an
investment license for the Ha Nam plant
last December, and construction of the 8-ha
project at the Dong Van I Industrial Park is Thijssen, Chair of the Confederation of the
set to get underway this year, which marks Netherlands Industry and Employers
Prime Minister Pham Minh Chinh hosted its 30th year in Vietnam. It is scheduled to (VNO-NCW), on March 19. The Prime
a reception in Hanoi on March 21 for a enter into operations in the third quarter of Minister hopes that Dutch businesses can
delegation of 60 major US businesses led 2025. On behalf of the US companies, Ambas- link with Vietnamese businesses in fields
by the US-ASEAN Business Council sador Osius committed to continued strong where the Netherlands has strengths and
(USABC), which visited Vietnam from investments in Vietnam in the fields of science Vietnam has a need, such as high-tech
March 18-21. This was the largest US busi- and technology, electronics, aviation, electric agriculture, new energy, renewable energy,
ness delegation to visit the country since vehicles, logistics, energy, healthcare, finance, semiconductor chips, climate change adap-
the historic elevation of Vietnam-US rela- e-commerce, food, and tourism. tation, shipbuilding services and technology,
tions to a Comprehensive Strategic Part- seaports, and logistics. Meanwhile, leaders
nership (CSP). Representatives from indus- VDB & EXIM SIGN $500 MILLION MOU from Dutch corporations urged the Viet-
tries such as digital technology, energy, namese Government to continue reviewing
aerospace, defense, manufacturing, fast- and implementing better policies on taxes,
moving consumer goods (FMCG), food visas, and administrative procedures. In
and agriculture, financial services, health- particular, they called for a focal point to
care, investment funds, and others were receive assistance, transfer technology, and
eager to explore new opportunities and promote cooperation in shipbuilding, sea-
Vietnam’s investment potential. This reflects ports, semiconductors, renewable energy,
the enthusiasm of US companies towards environmental protection, climate change
Vietnam as an attractive emerging market mitigation, and the supply of materials for
and investment destination. The US busi- The Vietnam Development Bank (VDB) the construction of 1 million social housing
ness community is also looking to identify and the Export-Import Bank (EXIM) from units. The businesses also hoped that the
ways to support the implementation of the US have signed a $500 million MoU to Vietnamese Government would direct Viet-
initiatives and deliverables outlined in the facilitate the financing of US exports to namese businesses, especially those in the
CSP. “This US business delegation was the Vietnam. The MoU will encourage collab- agriculture and food sectors, to improve
largest in scale since relations were upgraded oration between the two parties and support product quality, fulfill their commitments
to a CSP,” USABC President and CEO and US export financing to advance Vietnam’s to green, clean, safe, and sustainable devel-
former US Ambassador to Vietnam, H.E. transition to a green economy, infrastructure opment, combat counterfeit goods, and
Ted Osius, affirmed. “The delegation also development projects, and climate-related seek direct procurement from farmers to
included representatives from the public projects. EXIM will work closely with the increase opportunities for Vietnamese agri-
sector in the US, demonstrating the close VDB to identify infrastructure, renewable, cultural products in the Netherlands.
combination of the public-private sector and other projects to help spur Vietnam’s
in the country within the framework of green transition. The MoU also demonstrates DUTCH HIGH-TECH COMPANY
the CSP. US businesses hope to cooperate the US’s commitment to helping Vietnam TO DEVELOP SEMICONDUCTORS
with Vietnam in efforts to promote Viet- with financing solutions for its green energy
nam’s role in global supply chains.” transition, so it may fulfill its ambitious cli-
mate goals. “The MoU we signed demon-
PEPSICO COMMITS NEARLY strates our shared commitment to strength-
$400 MILLION FOR TWO NEW PLANTS ening the US-Vietnam commercial rela-
tionship and our dedication to creating
opportunities that strengthen the economies
of both countries,” said EXIM President
and Chair Reta Jo Lewis. VDB Chairman
Le Van Hoan said that guided by the Joint The VDL Groep Enabling Technologies
Leaders’ Statement on elevating US-Vietnam Group (ETG), the high-tech cluster of the
relations to a Comprehensive Strategic Part- Netherlands’ VDL Groep, and Frasers Prop-
nership, the two organizations will contribute erty Vietnam have signed an MoU for the
to boosting economic exchanges between construction of a new facility to make semi-
US food and beverage giant PepsiCo will the two countries. “I believe that the signing conductor manufacturing components at
invest some $390 million in building two of the MoU will strengthen our cooperative the Dong Mai Industrial Park in northern
new plants in the northern province of Ha relationship, laying the foundation for poten- Quang Ninh province. VDL is a provider of
Nam and the Mekong Delta province of tial collaborative opportunities,” he added. advanced technology for the semiconductor,
Long An, both powered by renewable energy, analytical, and health industries. Construction
according to information revealed by a com- DUTCH BUSINESSES COMMIT of the new factory is to get underway shortly.
pany representative on March 21 during a TO CONTINUED SUPPORT Its first modules are to leave the new plant
meeting between Prime Minister Pham Minh Prime Minister Pham Minh Chinh met a to supply international customers at the
Chinh and a business delegation organized Dutch business delegation led by Ms. Ingrid beginning of 2025.

50 Vietnam Economic Times April 2024 en.vneconomy.vn