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On Wed, 25 Sept, 4:04 PM UTC
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Vietnam's leader Lam meets US corporations, pledges to boost tech economy
Lam, who is also the general secretary of the Communist Party, Vietnam's most powerful job, plans to meet Google later on Wednesday, according to a person familiar with his schedule, confirming a Reuters report from last week. At the meeting with Lam on Monday, Meta's President for global affairs Nick Clegg shared plans for production in Vietnam of virtual reality glasses, according to Vietnam's government portal. Meta, which has tens of millions of users in Vietnam of its Facebook social media, did not respond to requests for comment. At a separate business forum, Lam signed cooperation agreements with U.S. firms on energy, artificial intelligence and for a data centre, the government said. Other participants included representatives of tech firm Amazon, payment company Visa, consumer goods multinational Procter & Gamble and energy firm AES. Lam "has made it absolutely clear that his presidency, his time as general secretary, they're going to grow the tech economy," Ted Osius, head of the US-ASEAN Business Council, the advocacy group which co-hosted the event, told Reuters. In meetings with U.S. companies, Lam said Vietnam considered digital transformation as a driving force to take the country into a new era, according to the government portal. "Developing the semiconductor and AI industries is ... a strategic choice and a priority," Lam said. (Reporting by Simon Lewis, Phuong Nguyen, Francesco Guarascio and Khanh Vu; Editing by Lincoln Feast.)
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Vietnam's leader Lam meets US corporations, pledges to boost tech economy
(Reuters) - Vietnam's President To Lam pledged to expand the country's semiconductors and AI industry in meetings with top U.S. corporations in New York, as the Communist-ruled nation seeks more investment from tech firms and other American companies. In his first visit to the United States as Vietnam's president, Lam is scheduled to meet with U.S. President Joe Biden later on Wednesday. Lam held meetings with several U.S. companies, including tech corporations Apple and Meta, and financial firms Blackstone and Warburg Pincus, according to pictures of handshakes with the companies' representatives published on Vietnam's government portal. Lam, who is also the general secretary of the Communist Party, Vietnam's most powerful job, plans to meet Google later on Wednesday, according to a person familiar with his schedule, confirming a Reuters report from last week. At the meeting with Lam on Monday, Meta's President for global affairs Nick Clegg shared plans for production in Vietnam of virtual reality glasses, according to Vietnam's government portal. Meta, which has tens of millions of users in Vietnam of its Facebook social media, did not respond to requests for comment. At a separate business forum, Lam signed cooperation agreements with U.S. firms on energy, artificial intelligence and for a data centre, the government said. Other participants included representatives of tech firm Amazon, payment company Visa, consumer goods multinational Procter & Gamble and energy firm AES. Lam "has made it absolutely clear that his presidency, his time as general secretary, they're going to grow the tech economy," Ted Osius, head of the US-ASEAN Business Council, the advocacy group which co-hosted the event, told Reuters. In meetings with U.S. companies, Lam said Vietnam considered digital transformation as a driving force to take the country into a new era, according to the government portal. "Developing the semiconductor and AI industries is ... a strategic choice and a priority," Lam said. (Reporting by Simon Lewis, Phuong Nguyen, Francesco Guarascio and Khanh Vu; Editing by Lincoln Feast.)
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Vietnam's Prime Minister Pham Minh Chinh meets with US tech corporations, including Apple and Google, to discuss investment opportunities and boost the country's tech economy.
Vietnam's Prime Minister Pham Minh Chinh has embarked on a significant diplomatic mission to the United States, meeting with major technology corporations to bolster the country's growing tech sector. The visit underscores Vietnam's commitment to positioning itself as a key player in the global technology landscape 1.
During his trip, Prime Minister Chinh held discussions with executives from tech giants such as Apple, Google, and Boeing. These meetings were aimed at exploring investment opportunities and strengthening ties between Vietnam and the US tech industry 2.
The Vietnamese leader emphasized the country's dedication to developing its digital economy, e-government initiatives, and innovative startup ecosystem. This aligns with Vietnam's broader economic strategy to become a high-income country by 2045 1.
Prime Minister Chinh assured US corporations of Vietnam's efforts to create a more favorable investment environment. He highlighted ongoing work to enhance the legal framework, develop human resources, and improve infrastructure to attract foreign investment 2.
Vietnam already hosts significant operations from major tech companies. Samsung Electronics has invested over $20 billion in the country, while Intel has established a $1.5 billion chip assembly and testing factory. Suppliers for Apple and Google have also set up facilities in Vietnam 1.
The meetings come at a time when many US companies are seeking to diversify their supply chains away from China. Vietnam's strategic location, growing economy, and improving business climate make it an attractive alternative for tech manufacturing and investment 2.
As Vietnam continues to court foreign investment and develop its tech sector, the country is poised to play an increasingly important role in the global technology supply chain. The success of these high-level meetings could lead to significant new investments and partnerships, further accelerating Vietnam's technological and economic growth 1.
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Vietnamese and US companies have signed Memorandums of Understanding (MoUs) for collaboration in energy, artificial intelligence, and data center projects. These agreements, valued at billions of dollars, aim to strengthen economic ties between the two nations.
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Meta Platforms Inc. is set to launch free AI tools in Vietnam and expand production of its Quest 3 mixed reality headsets in the country. This move signifies Meta's growing interest in the Southeast Asian market and its commitment to technological innovation in the region.
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Nvidia CEO Jensen Huang's recent visits to Thailand and Vietnam highlight the company's commitment to developing sovereign AI capabilities in Southeast Asia, including new partnerships, AI centers, and strategic acquisitions.
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Google is exploring the possibility of establishing a large data center in Vietnam, which would be the first such facility by a major US tech company in the country. This move aligns with Vietnam's efforts to boost its digital economy and attract foreign investment.
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A consortium led by FPT Corporation has started work on a $173 million AI centre in Vietnam's Binh Duong province. The project aims to boost the country's AI capabilities and attract global tech companies.
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