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Trade and investment have been expanded when Vietnam and the United States (US) have a comprehensive strategic partnership. This may be an opportunity for Quang Nam.
A big export market
The US has been considered a major export market for Quang Nam businesses (or those located in the province) for years.
In 2023, Truong Hai Auto Joint Stock Company (THACO) became the leading enterprise in Quang Nam with a good business partnership with US businesses, as its export values are estimated to reach USD 120 million.
As a multi-industry corporation, THACO has signed cooperation agreements with about 20 US customers. The key products THACO exports to the US include semi-trailers, mechanical products, and spare parts inside and outside the automobile industry.
At the Dien Nam - Dien Ngoc Industrial Park (Dien Ban), a preliminary survey shows that about 60% of businesses export their goods to the US.
Currently, the US is the Quang Nam province's largest export market (accounting for about 56.2% of the provincial total export turnover per year).
The main goods exported to the US include garments, leather footwear, wooden products, electronic devices, light bulbs, electronic chips, semi-trailers, mechanical products, and auto parts.
According to Dang Ba Du, Director of the Quang Nam Department of Industry and Trade, the upgrade of Vietnam - US relations to a comprehensive strategic partnership facilitates Quang Nam businesses’ exports to the US market.
Christopher Allan Vanlion, Chairman of the American Business Association in Vietnam, Da Nang chapter, said that most of the large-scale businesses in the US are very interested in sustainable industry.
Therefore, Quang Nam is making great efforts to fully meet the requirements of US businesses.
Much room for cooperation
In August 2023, leaders of Quang Nam province and THACO had a working session with a delegation of authorities from California (US). They came here to learn about cooperative opportunities in several fields, including ports, clean energy, and climate change.
As a result, a Memorandum of Understanding (MOU) was signed, establishing a cooperative relationship between THACO Industries, the Port of Oakland, and California Waste Solutions Company. It opened up opportunities for US businesses’ investment in Quang Nam.
Earlier, in April 2023, Ultimate Earth Inc. (US) went to Quang Nam to survey and research investment projects on biodiesel, animal feed, and organic fertiliser from common water hyacinth.
By the end of 2023, there were just seven US projects out of 194 FDI ones in Quang Nam. Their registered capital was USD 5.86 million, compared to the total investment capital of USD 6.06 billion from FDI projects.
According to Ho Quang Buu, Deputy Chairman of the Quang Nam Provincial People's Committee, the US has recognised the potential and supported Vietnam to develop the semiconductor ecosystem. Quang Nam, with its huge advantage in land, infrastructure, and highly skilled young human resources, will promote the establishment of Quang Nam - US industrial park to attract more US investment.
The Quang Nam - US industrial park will give priority to semiconductor and digital economic industries, projects with high content of technology, advanced technology, modern management; sustainable green industries, green energy, etc.