At the invitation of President of the United States of America Joseph Robinette Biden Jr., Prime Minister Pham Minh Chinh will join the leaders of ASEAN countries to attend the Special Summit to celebrate the 45th anniversary of ASEAN-US relations in 2 years. May 12-13 in Washington DC, USA.
According to Government InformationVietnamese Ambassador to the United States Nguyen Quoc Dung expressed his optimism about the prospects of economic cooperation between Vietnam and the United States and believed that Prime Minister Pham Minh Chinh’s visit to the United States would opens up many new cooperation opportunities.
According to Ambassador Nguyen Quoc Dung, after 27 years of normalization, Vietnam-US relations have made great strides, especially in economic terms.
In 27 years, two-way trade turnover has grown strongly, increasing by an average of 20% per year, from 450 million USD in 1995 to a record 111 billion USD in 2021. The United States is the largest export market of Vietnam. Vietnam and Vietnam are ASEAN’s largest exporters to the United States.
In addition, enterprises of the two countries cooperate more and more widely in fields and large in scale. Vietnamese enterprises are growing stronger and are initially able to reach far, not only exporting to the US but also successfully investing in the US.
Leading US companies and corporations have been present in Vietnam such as Intel, Apple, Google, Lockheed Martin, Ford, Pepsi Cola, Nike, UPS, FedEx… Earlier this year, Nike’s latest report shows that Vietnam has officially surpassed China, becoming the main production base for this brand’s sports shoes.
Automobile production of Ford Vietnam, a joint venture between American and Vietnamese enterprises. Photo: Le Hoang
According to him, businesses of both sides are increasingly interested in each other’s markets, looking for cooperation opportunities. Vietnamese enterprises have grown very quickly, able to reach out to the world market, and increasingly meet the world’s high standards.
The report of the Ministry of Planning and Investment shows that, in the first 4 months of this year, the US has 24 newly licensed foreign direct investment (FDI) projects and 8 active FDI projects adjusted to increase capital. investment with a total registered capital of more than 147 million USD.
In addition, in the same period, there were 59 times of foreign investors contributing capital and buying shares of Vietnamese enterprises with a total capital of 22.4 million USD. In general, in the first 4 months of the year, US investment in Vietnam reached nearly 170 million USD, ranking 9th out of 72 countries and territories investing in Vietnam in the first 4 months of 2022.
US investment in the first 4 months of this year is only behind investors from Singapore, Korea, Denmark, China, Japan, the Netherlands… Results of attracting foreign investment in the first 4 months of the year This shows that capital flows of businesses and investors from the United States are increasing in position in Vietnam.
Specifically, according to the Ministry of Planning and Investment, in general, investment from the United States into Vietnam has nearly 1,160 projects with a total registered capital of 10.47 billion USD, the 11th highest among them. 139 countries and territories have valid investment projects in Vietnam.
Specifically, the US brand that generates the most revenue in Vietnam until now is Intel. Last year, the manufacturer of memory chips and semiconductors achieved revenue of more than VND 38,400 billion, up nearly 60% compared to the previous year.
Currently, Intel’s total investment capital in Vietnam is about 1.5 billion USD. Of which, $475 million was made from June 2019 to December 2020 to enhance 5G products and Intel Core hybrid processors. This contributes to the reason why the revenue of the US technology group increased sharply in 2020.
Intel Vietnam accounted for 70% of the export value of Ho Chi Minh City High-Tech Park (SHTP) last year, totaling about 13 billion USD.
Jabil Vietnam, a company specializing in providing design, manufacturing and product management services to global electronics companies, has also hit the $1 billion mark in revenue.
First Solar, a solar panel manufacturing company that only invested in Vietnam a few years ago, has grown very rapidly, reaching a revenue of VND21 trillion in 2020.
Ford Vietnam car production reached 16 trillion dong. Cargill produces animal feed and agricultural products with a revenue of VND 17 trillion.
The above businesses are the largest “American eagles” in Vietnam, although they may come early or come late.
But of course, there are many other big and famous names that generate thousands to tens of trillions of dong in revenue each year, which can be listed as: Crown Cork (production of packaging, canning) nearly 11 trillion dong. VND 8.6 trillion, Hanesbrands (textiles) more than VND 8.6 trillion, 3A Nutrition (distributing Abbott milk) nearly VND 11.2 trillion, Coca Cola Vietnam (beverages) VND 8 trillion, GE Vietnam – Hai Phong (wind turbine production) VND 7 trillion, P&G (consumer goods) VND 7.6 trillion, Kimberly Clark (consumer goods) VND 5.8 trillion… in 2020.
Currently, the COVID-19 pandemic is developing complicatedly in the southern region, especially in Ho Chi Minh City. This significantly affects the production activities of enterprises located here with thousands of workers.
Like when TP. When Ho Chi Minh City issued social distancing measures under Directive 16, Intel Vietnam chose to manufacture under the “1 road, 2 locations” option for 1,870 direct workers and 1,500 indirect workers, contractors… must stay. at city hotels. The cost incurred within a month is about 140 billion VND and is continuing to increase.
“This directly affects the company’s budget and production plan in the long term,” said Ho Thi Thu Uyen, External Affairs Director of Intel Vietnam and Malaysia.
She added that the Intel factory in Vietnam is taking on a very large output, semiconductor products for the corporation and the company are exporting to many major countries around the world. Therefore, factories play a very important role in the global supply chain. In the first 6 months of 2021, Intel in Vietnam accounted for 64% of the total export value of the whole Hi-Tech Park and contributed about 30% of the export value of Ho Chi Minh City.
at Blogtuan.info – Source: cafebiz.vn – Read the original article here