On September 10, 2023, US President Joe Biden meets with Vietnam’s Communist Party General Secretary Nguyen Phu Trong at the Communist Party of Vietnam Headquarters in Hanoi, Vietnam.
HANOI, Sept 11 – Executives from leading U.S. and Vietnamese enterprises in the semiconductor, technology, and aviation sectors gathered on Monday to create commercial collaborations during US President Joe Biden’s visit to Hanoi, which has resulted in new deals on aircraft and artificial intelligence. According to the conference agenda, senior executives from Google (GOOGL.O), Intel (INTC.O), Amkor (AMKR.O), Marvell (MRVL.O), GlobalFoundries (GFS.O), and Boeing (BA.N) attended the Vietnam-US Innovation & Investment Summit.
There were officials from half a dozen firms from Vietnam, including Nasdaq-listed electric car producer VinFast, flag carrier Vietnam Airlines (HVN.HM), IT company FPT (FPT.HM), MoMo, the country’s largest e-wallet by subscribers, and internet firm VNG, which filed for a U.S. IPO in August. Biden stated at the conference that the two nations’ collaboration in cloud computing, semiconductors, and artificial intelligence was expanding, and that Vietnam was vital for critical mineral supplies.
The nation is considered to have the world’s second-largest resource of rare earths, which are utilized in electric cars and wind turbines.The encounter, which came after a historic upgrading of diplomatic ties on Sunday, emphasized the United States’ determination to strengthen Vietnam’s global position. This is especially true in the semiconductor industry, where Washington is attempting to decrease the sector’s exposure to China-related issues such as trade disputes and conflicts over Taiwan.
The White House announced many deals during the trip, including Vietnam Airlines’ acquisition of 50 Boeing 737 Max planes in a deal valued at $7.8 billion.
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US white house statement
The White House also revealed Microsoft’s (MSFT.O) ambitions to develop a “generative AI-based solution tailored for Vietnam and emerging markets.” Nvidia (NVDA.O) will also collaborate on AI in Vietnam alongside FPT, Viettel, and Vingroup (VIC.HM), VinFast’s parent firm.
The White House also emphasized the amount of semiconductor-related investments made by united statea companies in Vietnam, including plans by Marvell and Synopsys (SNPS.O) to establish chip design centers there. A new $1.6 billion Amkor plant outside Hanoi that will assemble, package, and test chips is set to open in October, according to the company.
The investment is comparable to Intel’s $1.5 billion chip assembly factory in the country’s south, the company’s largest in the world. Earlier this year The White House also announced that Honeywell (HON.O) will collaborate with a Vietnamese partner to undertake a pilot project to construct Vietnam’s first battery energy storage system.
The meeting was presided over by united state Secretary Antony Blinken and Vietnam’s Investment Minister Nguyen Chi Dung, and was followed by conversations with Biden and Vietnam’s Prime Minister Pham Minh Chinh. According to a government release, Dung also told the meeting that he hoped Vietnamese enterprises could develop in the United States and join the global supply chain. Phuong Nyugen, Nandita Bose, and Francesco Guarascio @fraguarascio contributed reporting, and Edwina Gibbs edited the piece. The Thomson Reuters Trust Principles are our standards.
Francesco heads a team of reporters in Vietnam that cover major financial and political events in the rapidly rising Southeast Asian country, with an emphasis on supply chains and industrial investments in a variety of industries including as electronics, semiconductors, automotive, and renewables. Francesco had worked on EU issues in Brussels before moving to Hanoi. He was also a member of Reuters’ core worldwide team that covered the COVID-19 outbreak and took part in European investigations into money laundering and corruption. He is an enthusiastic traveler who is always willing to strap on a rucksack and visit new locations.
The meeting was presided over by united state Secretary Antony Blinken and Vietnam’s Investment Minister Nguyen Chi Dung, and was followed by conversations with Biden and Vietnam’s Prime Minister Pham Minh Chinh.
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