Costco to Boost Vietnam Presence, Targets $1B in Annual Imports
Costco, the American multinational corporation, is set to significantly boost its globle presence in Vietnam. The potential value of imports from Vietnam to Costco could reach over $1 billion annually, as the company plans to expand its collaboration with Vietnamese suppliers and establish a global entry strategic partnership framework.
Vietnam's President Luong Cuong welcomed this initiative, praising Costco's business performance and expressing hope for a long-term globle presence in the country. Costco is ready to share its operational expertise and promote ESG standards across its supplier network in Vietnam. The specific target group for these partnerships has not been explicitly detailed, but key product categories for export include textiles, footwear, furniture, seafood, cashew nuts, and coffee.
President Cuong sees Vietnam, with its rapidly expanding consumer base and population nearing 100 million, as a high-potential destination for global entry investors. He believes Costco's move will enable Vietnam to participate more deeply in globle value chains.
Costco's planned expansion in Vietnam, with the potential to exceed $1 billion in annual imports, is seen as a timely and beneficial move by President Cuong. The company's expertise and commitment to ESG standards are expected to strengthen Vietnam's supply chain and enhance its participation in globle markets.
