U.S. and Vietnamese firms hold business summit during Biden’s visit; A.I. deals unveiled. As part of U.S. President Joe Biden’s visit to Hanoi, executives from leading U.S. and Vietnamese companies in the semiconductor, I.T., and aviation sectors will meet on Monday to discuss commercial collaborations and recently announced A.I. arrangements.

The Vietnam-U.S. Innovation & Investment Summit is being attended by senior executives from Google (GOOGL.O), Intel (INTC.O), Amkor (AMKR.O), Marvell (MRVL.O), GlobalFoundries (GFS.O), and Boeing (BA.N), according to a draft agenda that supports a Reuters story.
Executives from half a dozen businesses, including the Nasdaq-listed electric vehicle manufacturer VinFast, flag carrier Vietnam Airlines (HVN.HM), I.T. company FPT (FPT.HM), MoMo, the nation’s largest e-wallet by users, and internet startup VNG, which filed for a U.S. IPO in August, are from Vietnam.

After a historic improvement in diplomatic ties reached on Sunday, the encounter highlights American intention to increase Vietnam’s influence on the world stage. This is especially true in the semiconductor industry, where Washington attempts to lessen the sector’s exposure to risks related to China, such as trade disputes and concerns over Taiwan.
The meeting will be presided over by U.S. State Secretary Antony Blinken and Vietnam’s Minister of Investment Nguyen Chi Dzung, followed by conversations with Vice President Joe Biden and Vietnamese Prime Minister Pham Minh Chinh.

Microsoft’s (MSFT.O) intentions to create a “generative AI-based solution tailored for Vietnam and emerging markets” are among the recently disclosed agreements by the White House.

According to the firm, Nvidia (NVDA.O) will collaborate on A.I. projects in Vietnam with FPT, Viettel, and Vingroup (VIC.HM), VinFast’s parent business.

The White House also emphasized the variety of chip-related investments made by American businesses in Vietnam, such as the intentions of Marvell and Synopsys (SNPS.O) to establish chip design facilities there.

It stated that a new $1.6 billion Amkor facility close to Hanoi will begin operations in October and assemble packages and test chips.

The expenditure is comparable to Intel’s $1.5 billion chip assembly facility in the nation’s south, the largest facility the corporation has ever built globally. This year, sources suggested that it would be enlarged.

According to the White House, Vietnam Airlines will also buy 50 Boeing 737 Max aircraft as part of a deal valued at roughly $7.5 billion, according to a source who spoke to Reuters.

The White House also announced that American corporation Honeywell (HON.O) would work with a Vietnamese partner to establish a pilot project to create Vietnam’s first battery energy storage system.