Vietnamese business leaders meet with Biden’s US tech executives Under Biden leadership
Washington and Hanoi held business talks amid concerns about China’s rise.
As part of US President Joe Biden’s landmark visit to Vietnam, Google and Intel executives met with business leaders. In addition to Biden and Blinken, Vietnamese firms, such as VinFast, VNG and Momo, attended an “innovation and investment summit” on Monday.
The United States and Vietnam are seeking to deepen their cooperation amid growing concerns about China’s influence and power. US plans to reduce reliance on China for strategic resources, such as semiconductors and rare earth minerals, by investing in Vietnam. United States President Joe Biden’s landmark visit to the Southeast Asian country Vietnam
In the South China Sea, Vietnam has territorial disputes with Beijing. During his visit to Vietnam on Monday, Biden stressed the importance of strengthening the Vietnamese economy The commitment of his administration to keeping the Pacific open for the semiconductor industry.
“Today’s message is quite simple. Biden urged the CEOs to keep it up. “Our collaboration needs to be developed and driven. New partnerships are needed.”
As part of their “comprehensive strategic partnership”, Biden and Vietnam’s Communist Party chief, Nguyen Phu Trong, announced a US commitment to help Vietnam boost semiconductor production.
As part of his efforts to enhance global stability, Biden denied that his visit to Vietnam was aimed at “containment” of China.
Microsoft plans to develop a “generative AI-based solution tailored for Vietnam” and Nvidia will partner with Vietnam’s FPT, Viettel and Vingroup, the White House announced earlier.
Moreover, Vietnam Airlines plans to buy 50 Boeing 737 MAX jets, while Honeywell will collaborate with a Vietnamese partner to develop Vietnam’s first battery energy storage system, the White House reported.
US chipmakers and tech firms to attend Vietnam meeting as Biden visits
Several U.S. semiconductor companies and digital companies, including Intel, GlobalFoundries and Google, are expected to attend a business meeting on Monday in Hanoi while President Joe Biden visits Vietnam to boost ties, two people familiar with the plan said.
The meeting, which is still in the works, would confirm U.S. plans to boost Vietnam’s global role in different segments of chipmaking, as part of Washington’s broader strategy to reduce the sector’s exposure to China-linked risks, such as trade restrictions and tensions over Taiwan.
A person familiar with the plans told Reuters that senior executives from Google (GOOGL.O), Intel (INTC.O), Amkor (AMKR.O), Marvell (MRVL.O), GlobalFoundries (GFS.O) and Boeing (BA.N) will attend.
Outside of business hours, the companies did not respond to requests for comment.
Several large U.S. chip companies, including Amkor, their Vietnamese partners, including tech company FPT (FPT.HM), and Vietnamese and U.S. top officials, including Secretary of State Antony Blinken, were confirmed to be present.
In an effort to formally elevate relations with Hanoi, Biden is expected to highlight semiconductors during his visit to the Vietnamese capital on Sunday and Monday.
One of the sources said that around 30 top executives and officials would attend the roundtable, which has not been announced.
There are some companies on the list that have already invested in Vietnam or have announced investments there.
Among Intel’s global network, the factory in southern Vietnam assembles, packages, tests, and packages chips worth $1.5 billion.
In July, Treasury Secretary Janet Yellen said that Amkor is building a “state-of-the-art mega factory” near Hanoi. There are dozens of openings on the company’s Vietnam website.
In Vietnam, Marvell plans to build a “world-class” chip design center.
According to U.S. officials, Vietnam’s chipmaking industry will grow faster in assembling and designing, but a shortage of engineers may slow growth.
A chip-making factory, or fab, is also one of Vietnam’s ambitious goals. For smartphones, cars, and other applications, GlobalFoundries makes integrated circuits on wafers.
Vietnam is a major exporter of electronics and smartphones.
A major U.S. chips company executive confirmed that the Vietnamese government had been meeting with most major chip companies in the country, including Intel, Samsung (005930.KS) and Qualcomm (QCOM.O), to seek advice on setting up the country’s first chip factory.
The United States has also suggested that improving formal ties with Vietnam might facilitate collaboration on artificial intelligence (AI), where Google is a major global player.
A unit focused on artificial intelligence is part of Vingroup (VIC.HM), the country’s largest conglomerate and parent company of Nasdaq-listed electric car maker VinFast.
The news reference is ALJAZEERA