On the morning of September 21 local time (night of September 21 Hanoi time), within the framework of bilateral activities in Seattle (USA), President Luong Cuong received Chairman and CEO of Costco Group Ron Vachris. During the meeting, Mr. Ron Vachris shared that Costco is one of the largest retail corporations in the US, operating more than 870 supermarkets globally, so it focuses on diversifying its product sources and expanding its international supply network. Costco's leadership then expressed its desire to continue working closely with key Vietnamese suppliers to bring products suitable for the market, thereby maintaining long-term cooperation with Vietnamese partners. Meet the President of the country leading the 240 billion USD supermarket that wants to invest long-term in Vietnam It is estimated that the import value of Vietnamese goods in Costco's supply chain can reach over 1 billion USD per year with key items such as textiles, footwear, wooden furniture, seafood, cashew nuts and coffee,... To further promote development and diversify the supply chain, Mr. Vachris emphasized that Costco is interested in building a strategic cooperation framework to develop production and supply capacity. The group is willing to share experience and lead in applying ESG standards (abbreviation of environmental - social - corporate governance). President Luong Cuong highly appreciated the business results as well as the need to increase the purchase of Vietnamese export goods to put into Costco's distribution system. The initiative of Costco Group in building a strategic cooperation framework, according to the President, is in line with Vietnam's strategic priority in participating more deeply in the global value chain, especially in industries with strengths such as agricultural products, seafood, textiles, footwear and light industry. The President said Vietnam is ready to cooperate in transferring green technology, supporting Vietnamese enterprises to improve production processes, reduce emissions and use renewable energy as well as enhance the competitiveness of goods. He also welcomed Costco's proposal to officially establish a presence and long-term investment in Vietnam, affirming that with a population of nearly 100 million and constantly expanding consumer demand, Vietnam will be a destination with great potential. The President affirmed that Vietnam is committed to accompanying and facilitating Costco in implementing investment forms from purchasing centers, warehouse and logistics systems to the ability to build regional distribution centers. Costco Wholesale Corporation is one of the largest retail corporations in the world, famous for its "membership warehouse club" model - customers must pay a membership fee to buy goods at wholesale prices. Founded in the US, Costco is currently ranked second globally in retail revenue, just behind Walmart. By the end of fiscal 2024, the group will own nearly 880 warehouses in more than 14 countries and territories, with the US and Canada as its main markets, in addition to a growing presence in Japan, South Korea, China, the UK, Australia and European countries. Costco has more than 130 million members worldwide, and it is the stable revenue from membership fees (over $5 billion/year) that helps the business maintain a thin but sustainable profit margin. In 2024, Costco's net revenue will reach about $242 billion, net profit will exceed $6 billion, and market capitalization in early 2025 will exceed $400 billion, making it one of the most valuable retail corporations in the world. With about 333,000 employees, Costco is a symbol of large-scale, low-cost retailing, focusing on quality and customer loyalty.