U.S. President Joe Biden recently attended a meeting with Vietnam’s Communist Party General Secretary Nguyen Phu Trong at the Communist Party of Vietnam Headquarters in Hanoi. As part of his visit, executives from top U.S. and Vietnamese companies in the semiconductor, tech, and aviation sectors gathered to discuss business partnerships and unveil new AI deals.
The meeting, known as the Vietnam-U.S. Innovation & Investment Summit, includes senior executives from companies such as Google, Intel, Amkor, Marvell, GlobalFoundries, and Boeing. Vietnamese companies including VinFast, Vietnam Airlines, FPT, MoMo, and VNG are also participating in the summit.
This meeting comes after a historic upgrade of diplomatic relations between the U.S. and Vietnam. It highlights the U.S.’s desire to enhance Vietnam’s global role, particularly in the chipmaking industry. With Washington aiming to reduce reliance on China for chipmaking, the meeting addresses trade friction and tensions over Taiwan.
U.S. State Secretary Antony Blinken and Vietnam’s investment minister Nguyen Chi Dzung are leading the meeting, which will be followed by discussions between Biden and Vietnam’s Prime Minister Pham Minh Chinh.
The White House has announced several new deals, including Microsoft’s plans to create a tailored AI solution for Vietnam and emerging markets. Nvidia will also partner with Vietnamese companies FPT, Viettel, and Vingroup on AI initiatives in the country.
Furthermore, the White House has highlighted various chip-related investments by U.S. companies in Vietnam. Marvell and Synopsys plan to establish chip design centers in the country, while a new $1.6 billion Amkor factory near Hanoi is set to begin operations in October. Additionally, Vietnam Airlines has agreed to purchase 50 Boeing 737 Max jets.
U.S. conglomerate Honeywell will also collaborate with a Vietnamese partner to launch a pilot project for Vietnam’s first battery energy storage system.
Overall, this summit signifies the efforts to strengthen business partnerships, promote innovation, and drive economic growth in both the U.S. and Vietnam.