US and Vietnam Forge Multi-Billion Dollar Agreements in AI Chip and Technology Collaborations

US and Vietnam Forge Multibillion-Dollar Deals to Advance Cooperation in AI and Other Technologies

In a joint press conference on September 11, the United States and Vietnam announced the formation of business deals and partnerships worth billions of dollars to advance cooperation in artificial intelligence (AI) technologies and other critical sectors. U.S. President Joe Biden described the move as a formal “upgrading” of the relationship between the two countries, emphasizing areas such as cloud computing, semiconductors, and AI.

“We’re deepening our cooperation on critical and emerging technologies, particularly around building a more resilient semiconductor supply chain,” Biden stated. This partnership is expected to stimulate more trade and investment between the nations. However, the President made it clear that the goal is not to contain China but rather to establish a stable base in the region.

Notable figures from major companies such as Google, Intel, Boeing, Amkor, Microsoft, and Nvidia were also present at the conference. Boeing struck separate deals, while Amkor announced plans to open a new factory near Hanoi, where it will assemble, package, and test AI chips.

Vietnam, known for its rapid economic growth, has become the world’s 34th fastest-growing economy with a GDP of $450 billion, according to data from Acclime, a regional corporate services provider in Asia. The country’s transition from centralized economic control to a more open system has allowed the United States to become one of its largest export markets.

This AI-focused deal further elevates the United States’ bilateral hierarchy ties with Vietnam, moving it up two levels. Previously, China, Russia, India, and South Korea occupied this position. The relationship between the U.S. and Vietnam has been historically complicated due to the war and concerns about upsetting China.

These developments in Vietnam coincide with the global race among governments to produce and deploy advanced AI systems, particularly between the United States and China. In October 2022, the Biden administration implemented an export ban on the latest powerful semiconductor chips to China. China, on the other hand, has implemented new AI regulations, resulting in the release of over 70 AI models with over a billion parameters.

The partnership between the United States and Vietnam signifies a significant step forward in advancing cooperation in AI and other critical sectors. This collaboration aims to strengthen the semiconductor supply chain and foster economic growth in both countries while ensuring stability in the region.

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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