During an official visit to Vietnam, US President Biden and Secretary of State Antony Blinken, together with Vietnamese Prime Minister Pham Minh Chinh, Minister of Planning and Investment Nguyen Chi Dung, Minister of Information and Communications Nguyen Manh Hung and other ministry leaders attended a talk on Vietnam-US investment and innovation.

They discussed priorities in enhancing cooperation in technology and cooperation between the two countries, including the promotion of Vietnam’s investments in the US. 

A number of representatives of leading technology corporations of the two countries, including Boeing Global Marvell, Intel, Amkor Technology, Google, Vietnam Airlines, VinFast, VNG and FPT, attended the event.

The press release said the US welcomes the progress in cooperative relations between Vietnamese and American enterprises with new and expanded projects, which will strengthen two-way trade exchange.

A series of technology cooperation projects are either operating now or are going to be executed in the time to come. Arizona-based Amkor Technology is developing a $1.6 billion project on a semiconductor supply chain with a factory in the northern province of Bac Ninh, scheduled to become operational in October 2023.

Synopsys, headquartered in California, is planning to introduce a semiconductor design and creative incubation center within the framework of cooperation with the HCM City High-tech Park. 

Meanwhile, Marvell, with a head office in California, will announce the construction of a semiconductor design center of international stature in HCM City.

Regarding financial services and capital market development, VNG has recently filed for an IPO (initial public offering) on Nasdaq. It will be the first Vietnamese technology firm listing shares in the US.

Other Vietnamese companies are also approaching the US capital market to serve their needs for creativity and growth.

Microsoft and Trusting Social are expected to announce an agreement on developing an AI-based solution, specifically designed for Vietnam and emerging markets. 

NVIDIA plans to cooperate with FPT, Viettel and Vingroup to deploy AI in computing cloud, automobile industry and healthcare. Meta Platforms and the Vietnam National Innovation Center will announce a program promoting digital transformation among small and medium enterprises (SMEs).

Regarding the new cooperation in the field of semiconductors, the US praised Vietnam’s role and potential in building a semiconductor supply chain. The two sides will cooperate to develop Vietnam’s current semiconductor ecosystem, together with a legal framework, workforce and infrastructure.

With the cooperation program, initiatives on developing human resources to support the semiconductor manufacturing capacity in the US will be built. The two sides will publicize general initiatives on the training courses on semiconductor assembling, testing and packaging.

The US has agreed to give initial financial support of $2 million to the initiatives, together with support in the future from the Vietnamese government and private economic sector.

As for the electronics and advanced technology partnership network, the two countries plan to launch the DELTA Network with the participation of many regional countries to coordinate technological strategies, striving for a safe and sustainable technology supply chain.

Regarding the agreement on science and technology research cooperation between Vietnam and the US, the two countries plan to expand joint research in priority areas such as AI, R&D, medicine and health, climate science, biotechnology and conservation.

When talking to the press on September 10, Vietnamese Party Chief Nguyen Phu Trong said the content of the new cooperative relationship will inherit the existing cooperative issues between the two countries and bring them to new levels by accelerating economic, trade and investment cooperation. 

Innovation will be the foundation, center and driving force of the relations of the two countries. Enhancing cooperation in science and technology will be the new breakthrough in the Comprehensive Strategic Partnership for the sake of peace, cooperation and sustainable development.

US President Joe Biden said that Vietnam and the US would strengthen cooperation in key and emerging technological fields, especially in building a supply chain with better resilience capability for the semiconductor industry. The two countries will also expand the economic partnership to further enhance investment and trade cooperation.

Biden cited an example of a Vietnam company last year signing an agreement worth $4 billion on building an electric automobile factory in North Carolina in the US, which will help create more than 7,000 jobs.

Thai Khang