Comments by David Lewis, Chairman and CEO of Energy Capital Vietnam
According to a report by Politico, in mid-September, President Biden will travel to Vietnam for a State Visit. The objective of the trip is to sign a strategic partnership agreement elevating the relationship between the United States and Vietnam.
This is welcomed news and is fully in line with the Vietnamese government’s policies and will incentivize a greater inflow of foreign direct investment. Western companies have already been flocking to Vietnam as they seek to diversify supply chains away from China. Our friends at SaigonTel (HOSE: SGT) have played a role in many large companies’ relocation of manufacturing facilities. Companies like Samsung, LG, Apple, Nike, and other international corporations, including Panasonic, Yamaha, Bosch, GE, and HP, have moved substantial manufacturing to Vietnam and established local R&D operations. The elevation of the relationship with the United States and its focus on developing Vietnam’s high-tech sector, especially related to semiconductors and AI, suggests the country is not only a manufacturing hub but also a possible center for innovation.
The agreement also boosts ECV’s mission to deliver energy and infrastructure transformation in Vietnam. Given Vietnam’s considerable economic growth, its existing infrastructure is overwhelmed and requires significant foreign investment and know-how to diversify and strengthen energy security and supply chain resilience. Vietnam is highly desirous of US investment to reduce its dependence on China and work toward its 2050 net zero carbon emissions goals. Top infrastructure investment priorities include clean power generation and reliable transmission, seaports, airports, and runways.
Energy Capital Vietnam (ECV) is an experienced Texas-based project development and holding company with investors focused primarily on energy and infrastructure development in Vietnam. The company has developed strong business relationships across Vietnam, allowing it to pursue several significant joint venture energy and infrastructure projects within Vietnam’s southern economic region.