Vietnam seeks US tech and capital for growth push
US-ASEAN Business Council leaders say Hanoi wants American companies to help build its digital, industrial and energy ambitions.
By Maya Lindqvist · Senior Technology Correspondent
3 min read
Vietnam is pushing to draw more U.S. technology, capital and energy investment as it tries to move into a higher-value phase of growth, according to US-ASEAN Business Council leaders Brian McFeeters and Vu Tu Thanh. They wrote in Fortune that Hanoi’s ambitions will depend on whether the government can turn reform pledges into stable rules that companies can use to commit capital.
McFeeters, the council’s president and CEO, and Thanh, its chief country representative for Vietnam, said the council recently brought more than 50 major American companies to Hanoi. During that visit, Prime Minister Lê Minh Hưng remained in the capital to meet the delegation while other senior Vietnamese officials traveled to Beijing, they wrote.
The two council officials described the meeting with Lê Minh Hưng as focused on practical next steps. They said Vietnam’s leadership is trying to shift the country’s competitive pitch away from low-cost labor and location advantages toward faster execution, skilled workers, technology and more advanced industry.
According to McFeeters and Thanh, Vietnam’s government has pledged to cut regulations by half and is using Resolution 57, its national innovation framework, to support that shift. They said those moves are meant to position Vietnam for another stage of growth in Asia.
U.S. companies seen as key partners
McFeeters and Thanh argued that American companies are well matched to the sectors Vietnam wants to develop. They pointed to U.S. strengths in artificial intelligence, cloud computing, cybersecurity, advanced manufacturing, biotechnology and energy technology.
The authors said the U.S. private sector spends nearly $1 trillion a year on research and development. In their view, that gives American firms a strong position as Vietnam seeks partnerships in digital infrastructure, technology and innovation-led growth.
Many of the council’s member companies already rank Vietnam as their top market of interest in Southeast Asia, McFeeters and Thanh wrote. They said Vietnamese officials want U.S. firms involved in cloud systems, AI-enabled services, cybersecurity design and advanced energy projects as the country’s digital economy expands.
Energy is another target area, according to the council leaders. They said Vietnam’s industrial growth is raising electricity demand while geopolitical disruption has made global energy markets more unstable.
Hanoi views U.S. energy companies as long-term partners in liquefied natural gas supply, grid modernization and renewable energy investment, McFeeters and Thanh wrote. They said that interest has not yet removed obstacles facing large projects.
Policy uncertainty remains a barrier
The council officials said Vietnam must offer a more predictable business environment if it wants to turn corporate interest into investment. They cited uncertainty over data localization and cross-border data rules as a problem for global technology companies.
McFeeters and Thanh wrote that Vietnam can protect security interests while still setting rules that are clear, lasting and workable for business. They said unclear regulations could slow the development of AI and cloud systems.
Energy projects face similar issues, according to the authors. They said U.S. capital and supply are available, but permitting delays and difficult negotiations have slowed major developments.
They cited Vietnam’s LNG-to-power projects as an example, saying several U.S.-linked projects have been delayed for years because of changing regulatory requirements and prolonged power purchase agreement talks. Those delays, they wrote, have left investors unsure about basic commercial terms.
McFeeters and Thanh said Vietnam sees U.S. companies as strategically useful as well as financially important. They wrote that a larger U.S. business presence could strengthen Vietnam’s economy, technology base and position in global supply chains while helping the country handle trade tensions with Washington.
The council leaders said the next phase will depend on Vietnam’s ability to back reform pledges with durable policy and on whether U.S. companies act quickly enough to pursue the opportunity.
This story draws on original reporting from Fortune.