Some of America’s most prominent corporations are placing bets on Vietnam despite — or perhaps partly because of — the slow economy back home. This month 21 US companies visited Vietnam when US Secretary of State Hillary Clinton visited, including Chevron, Coca-Cola, Caterpillar, General Electric, Coca-Cola, Unilever, Kimberly-Clark, Pepsico, P&G, and Nike, all expecting to expand business in the promising frontier market.
Earlier this year, GE said it would expand its wind power turbine factory in Haiphong, doubling its financial commitment and nearly doubling the 600 local jobs there. And two weeks ago, GE announced it would provide equipment for the Vietnamese Power Transmission Corporation.
Other US corporate activity:
- Intel’s Ho Chi Minh factory exported $462 million in chips last year.
- Chevron is working with PetroVietnam to provide natural gas.
- American Chamber of Commerce member Jabil invested $70 million to expand its factory in the HCM City.
After nearly four years of economic challenges for Vietnam, it appears a new surge in American investment there is likely over the coming two years.