US businesses promise further investment in Vietnam

American tech companies have expressed interest in investing and expanding their production in Vietnam, considering the country as one of their priority markets in the future.

General Secretary and State President To Lam meets Apple’s Vice President Nick Ammann. Photo: Vietnam News Agency

At the meetings with Vietnam’s General Secretary and President To Lam in New York on September 23 (local time), Apple’s Vice President Nick Ammann said that Vietnam is not only a great market for Apple but also a key manufacturing hub for the company as many Apple products are produced here.

He noted that Vietnam's investment prospects and strategic position are significant for Apple's global strategy, highlighting the country's potential to integrate more deeply into the company's supply chain.

Nick Clegg, President of Global Affairs at Meta, said that the company plans to increase its Metaverse outputs in Vietnam as its key product besides social media and messaging apps.

He said his upcoming visit to Vietnam next week will be a good chance to introduce "Meta AI" with free trial use for Vietnamese consumers.

Nick also pledged to continue supporting and expanding investment and innovation programs in Vietnam for years to come.

Wally Liaw, Co-Founder and Senior Vice President of Business Development at Supermicro, a leading IT technology company, said that Vietnam is a market full of potential.

He credited the Vietnamese Government's policies and efforts to encourage the development of high-tech industries.

Citing the latest agreement with Sovico Group, Wally said that Supermicro has a broad collaborative network with Nvidia, Tesla and others in multiple countries.

The US executive was optimistic about investment opportunities in Vietnam. He also committed to working closely with Vietnam in AI development.

In finance, Stephen Schwarzman, Chairman, CEO, and Founder of Blackstone Group, said that Blackstone is the largest investment fund managing over US$1 trillion in assets.

He expected to expand Blackstone's investments in Vietnam and hailed Vietnam for having developed a general strategic policy for AI data center development.

Warburg Pincus CEO Jake Siewert reported that the company has invested around US$4 billion in Vietnam, making it the fund’s third-largest investment destination in Asia, after China and India.

General Secretary and State President To Lam and Nick Clegg, Meta's President of Global Affairs. Photo: Vietnam News Agency

Warburg Pincus is keen on further exploring investment opportunities in Vietnam, he said, adding that he appreciated the Vietnamese Government for resolving challenges.

The company seeks cooperation in green finance, power development, and renewable energy initiatives in Vietnam, he added.

According to the US Ambassador to Vietnam Marc Knapper, the US Government is fully supportive of Warburg Pincus' operations and will conduct positive dialogues to resolve any arising issues.

Eric Schmidt, former CEO and Chairman of Google, believed that Vietnam is able to become a software hub for Asia.

He cited the fact that many success stories are told by tech companies growing from small enterprises. It is the best for Vietnam to set up AI software companies.

Eric believed that Vietnam has the capacity to participate in higher segments of the software industry, in which AI solutions are used to address and resolve major challenges in education, healthcare, and environment.

Vietnam should include the development of AI companies in its overall strategy, he said as pledging to channel US funding to support such companies.

Commitments from General Secretary and State President Lam

In response to US business executives, Vietnam’s General Secretary and State President Lam hailed the companies for their local operations that affirm the country's increasing global stature.

As digital transformation is one of the key drivers for Vietnam’s growth, Lam emphasized that cooperative relations in science, technology, and innovation are crucial to the Vietnam-US relationship, and that there is room for future collaboration.

The US businesses would accelerate Vietnam’s development in these fields, especially through collaboration with the National Innovation Center (NIC) under the Ministry of Planning and Investment, he added.

General Secretary and President To Lam talks to Wally Liaw, Co-Founder and Senior Vice President of Business Development at Supermicro. Photo: Vietnam News Agency

Lam called on American corporations to apply advanced technologies, promote technology transfer, and strengthen partnerships with Vietnamese firms, thereby integrating Vietnam deeper into global supply chains, and to consider establishing R&D centers at the NIC.

He also suggested that they provide scholarships for Vietnamese students in the areas of information and technology, programming, electronics, semiconductors, and artificial intelligence.

He said that foreign investors play a significant role in helping Vietnam achieve green growth and sustainability, calling for their assistance to help Vietnamese companies get access to low-cost loans and connect international investors to green and sustainable projects in Vietnam.

Vietnam has announced a master plan to prepare resources and implement the Political Declaration on Just Energy Transition Partnership (JETP), contributing to the goal of achieving net-zero emissions by 2050, Lam said.

“Vietnam welcomes ideas to capture green finance, and wants US investors to collaborate with local partners on specific projects in the fields of renewable energy, new energy sources, grid infrastructure upgrades, carbon capture and storage, and energy storage ecosystem development,” the State President said.

Citing the recent establishment of a task force between Vietnamese government agencies and Apple, Lam expected to see similar collaborations to be formed, thus delivering mutual benefits for both Vietnam and the US.

General Secretary and President Lam promised that Vietnam would create favorable conditions for US investors to conduct effective and sustainable business in the country.

He also encouraged corporations to engage with relevant government agencies and partners to successfully implement their investment activities.