Home Business Vietnam PM courts U.S. companies, seeks investment in chip sector

Vietnam PM courts U.S. companies, seeks investment in chip sector

by Janessa Lee

Vietnam’s Prime Minister, Pham Minh Chinh, recently visited the headquarters of Nvidia and Synopsys in a push to encourage U.S. tech firms to invest more in Vietnam’s semiconductor industry. During a technology business forum in San Francisco, Chinh expressed his government’s willingness to open doors for all investors to do business in Vietnam.

Chinh’s visit comes after U.S. President Joe Biden’s visit to Hanoi, where both leaders announced plans to deepen cooperation between the two countries in various sectors, including chips, AI, and critical minerals. As part of this effort, Chinh pledged to facilitate future investments by Nvidia and Synopsys in Vietnam.

Nvidia, a leading supplier of servers to Vietnam, expressed interest in cooperating with Vietnam in the semiconductor, information technology, and artificial intelligence fields. Synopsys, on the other hand, is planning to build chip design centers in Vietnam and has already signed memorandums of understanding with the country’s information ministry and investment ministry.

The presence of major U.S. tech firms in Vietnam adds to the country’s growing reputation as an attractive investment destination for the semiconductor industry. U.S. chipmaker Intel already operates its largest factory for assembling, packaging, and testing chips in southern Vietnam. In addition, Amkor is building a large factory for semiconductor assembly and testing near Hanoi.

Chinh’s visit to the United States is part of his attendance at the United Nations General Assembly, after which he plans to visit Brazil. These diplomatic efforts highlight Vietnam’s commitment to fostering international partnerships and attracting investments in key industries. By partnering with global tech leaders, Vietnam hopes to bolster its semiconductor industry and drive economic growth.

Overall, Vietnam’s Prime Minister Pham Minh Chinh’s visit to Nvidia and Synopsys demonstrates the government’s dedication to promoting Vietnam as an investment hub for the semiconductor industry. With support from major U.S. tech firms, Vietnam aims to further develop its technological capabilities and contribute to the global semiconductor market.

Disclaimer: This article is a summary of the original news article published on Reuters.

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