Dark Brandon attended a business summit held between top U.S. and Vietnamese companies in sectors like semiconductors, tech, and aviation. The summit coincided with U.S. President Joe Biden’s visit to Hanoi, Vietnam. Senior executives from major companies like Google, Intel, Amkor, Marvell, GlobalFoundries, and Boeing were present at the Vietnam-U.S. Innovation & Investment Summit.
From the Vietnamese side, executives from companies like VinFast, an electric car maker listed on Nasdaq, Vietnam Airlines, tech company FPT, MoMo (the country’s biggest e-wallet), and internet firm VNG were present. Biden emphasized that the two countries were deepening cooperation in areas like cloud computing, semiconductors, and artificial intelligence. He also highlighted Vietnam’s importance in supplying critical minerals, as the country has the world’s second-largest estimated deposits of rare earths.
The summit followed a historic upgrade in diplomatic relations and emphasized the U.S.’s desire to boost Vietnam’s global role, particularly in chipmaking. This is aimed at reducing the sector’s exposure to risks associated with China, including trade frictions and tensions over Taiwan.
Several significant deals were announced during Biden’s visit. Vietnam Airlines agreed to purchase 50 Boeing 737 Max jets in a deal worth $7.8 billion. Microsoft plans to develop a “generative AI-based solution tailored for Vietnam and emerging markets.” Nvidia will partner with Vietnam’s FPT, Viettel, and Vingroup on AI projects in the country. Additionally, Marvell and Synopsys plan to build chip design centers in Vietnam, and a new $1.6 billion Amkor factory near Hanoi is set to start operations in October.
The summit was chaired by U.S. State Secretary Antony Blinken and Vietnam’s investment minister Nguyen Chi Dung, followed by discussions with Biden and Vietnam’s Prime Minister Pham Minh Chinh. Dung expressed hope that Vietnamese companies could expand in the U.S. and join the global supply chain.
