The annual senior business mission, organised by the US-ASEAN Business Council (USABC), brings together global industry leaders and key players in international supply chains at a time of continued global economic uncertainty.
According to the Ministry of Industry and Trade, discussions have focused on sectors seen as central to future growth, including energy, high tech manufacturing, logistics, financial services and healthcare.
Notably, US companies have put forward concrete proposals such as developing the liquefied natural gas market, expanding renewable energy and introducing direct power purchase agreements. These are considered critical infrastructure components for energy intensive industries such as semiconductors, artificial intelligence, big data and cloud computing.
The push for direct power purchase mechanisms highlights preparations by global firms to meet stringent ESG standards and secure green energy supplies before committing long term capital.
Brian McFeeters, president and chief executive of USABC, said the corporations involved are capable of bringing advanced technologies and long term investment capital, with the goal of supporting Vietnam’s next phase of growth, potentially reaching double digit expansion.
However, investors stressed that large scale capital inflows depend heavily on institutional reforms. At a meeting with Vice Chair of the National Assembly Nguyen Thi Hong on April 15, US business representatives praised Vietnam’s investment climate but called for streamlined administrative procedures and greater transparency and consistency in the legal framework.
Ankur Modi, regional vice president for South Asia and Indochina at Philip Morris International, said the company is ready to bring capital, management expertise and advanced technologies, with potential investments ranging from manufacturing plants and research and development centres to export oriented electronic products.
Echoing this view, Managing Director at Philip Morris Vietnam, Bryan Ty, said appropriate investment policies would not only deliver economic benefits but also enhance workforce skills through access to new technologies, aligning with Vietnam’s strategy to attract next generation foreign direct investment focused on digital transformation and human capital development.
Vietnamese authorities reaffirmed their commitment to maintaining open and substantive policy dialogue, while working to build a stable and transparent legal framework to support incoming investment flows.
