Executives from leading semiconductor, tech, and aviation companies in the US and Vietnam gathered for the Vietnam-US Innovation & Investment Summit, held during President Joe Biden’s visit to Hanoi. This summit aims to foster business partnerships and unveil new deals in the field of artificial intelligence (AI).
Representatives from renowned companies such as Google, Intel, Amkor, Marvell, GlobalFoundries, and Boeing attended the summit, demonstrating their commitment to exploring opportunities in Vietnam’s growing market. Additionally, Vietnam saw the participation of executives from VinFast, Vietnam Airlines, FPT, MoMo, VNG, and other leading tech firms.
The upgraded diplomatic relations between the US and Vietnam set the stage for this landmark meeting. The US, eager to diversify its supply chain and reduce reliance on China, particularly in the chipmaking industry, views Vietnam as an attractive alternative. By boosting Vietnam’s global role and encouraging collaboration in chipmaking, the US can mitigate risks associated with China-linked trade friction and tension over Taiwan.
The Vietnam-US Innovation & Investment Summit was co-chaired by US Secretary of State Antony Blinken and Vietnam’s Investment Minister Nguyen Chi Dzung. Following the summit, discussions were held with President Biden and Vietnam’s Prime Minister Pham Minh Chinh.
The White House also announced several groundbreaking AI deals. Microsoft plans to develop a specialized AI solution tailored for Vietnam and emerging markets, while Nvidia collaborates with FPT, Viettel, and Vingroup to advance AI in the country.
Moreover, the White House emphasized the significant investments made by US companies in Vietnam’s chipmaking industry. Marvell and Synopsys are planning to establish chip design centers in the country, and Amkor is set to inaugurate a new $1.6 billion factory near Hanoi in October for chip assembly, packaging, and testing. Intel, on the other hand, operates its largest chip assembling plant worldwide, valued at $1.5 billion, in southern Vietnam.
In a major aerospace agreement, Vietnam Airlines is purchasing 50 Boeing 737 Max jets, valued at approximately $7.5 billion. Additionally, US conglomerate Honeywell is partnering with a Vietnamese firm to launch a pilot project for Vietnam’s first battery energy storage system.
This summit serves as a crucial milestone in strengthening trade and investment ties between the US and Vietnam, pushing technological innovation forward and driving economic growth.
Frequently Asked Questions (FAQ)
1. What is the purpose of the Vietnam-US Innovation & Investment Summit?
The summit aims to foster business partnerships and unveil new deals in the field of artificial intelligence (AI) between executives from leading US and Vietnamese companies.
2. Why is the US interested in boosting Vietnam’s global role in chipmaking?
The US seeks to reduce reliance on China and diversify its supply chain, particularly in the chipmaking industry. Vietnam provides an attractive alternative, mitigating risks associated with China-linked trade friction and tension over Taiwan.
3. Which notable companies attended the Vietnam-US Innovation & Investment Summit?
Representatives from Google, Intel, Amkor, Marvell, GlobalFoundries, and Boeing attended the summit from the US side. VinFast, Vietnam Airlines, FPT, MoMo, and VNG, among others, represented Vietnam.
4. What AI deals were unveiled during the summit?
Microsoft plans to develop a specialized AI solution for Vietnam and emerging markets, while Nvidia collaborates with FPT, Viettel, and Vingroup to advance AI in Vietnam.
5. What are some investments in Vietnam’s chipmaking industry mentioned at the summit?
Marvell and Synopsys plan to establish chip design centers, Amkor is opening a new $1.6 billion factory for chip assembly, packaging, and testing, and Intel operates its largest chip assembling plant valued at $1.5 billion in Vietnam.
6. Are there any significant aerospace partnerships discussed during the summit?
Vietnam Airlines has agreed to purchase 50 Boeing 737 Max jets, valued at approximately $7.5 billion.
7. Besides AI and chipmaking, what other areas were emphasized at the summit?
Honeywell, a US conglomerate, will partner with a Vietnamese firm to launch a pilot project for Vietnam’s first battery energy storage system.