Top executives from American and Vietnamese companies in the semiconductor, technology, and aviation sectors gathered on Monday, as part of U.S. President Joe Biden’s visit to Hanoi, Vietnam.
According to the meeting agenda, senior executives from Google, Intel, Amkor, Marvell, GlobalFoundries, and Boeing attended the Vietnam-U.S. Innovation & Investment Summit.
Executives from half a dozen Vietnamese companies attended, including VinFast, an electric car manufacturer listed on the Nasdaq, Vietnam Airlines, FPT, MoMo, the nation’s largest e-wallet by users, and internet giant VNG, which filed for a U.S. IPO in August.
At the meeting, Biden reaffirmed that the two nations were expanding their cooperation in the fields of cloud computing, semiconductors, and artificial intelligence. He also emphasised the importance of Vietnam as a source of essential mineral supplies.
The second-largest estimated reserves of rare earths, which are used in wind turbines and electric vehicles, are found in this nation.
The meeting, which came after a historic upgrading of diplomatic ties reached on Sunday, highlighted the U.S. intention to strengthen Vietnam’s position on the world stage.
This is especially true for the semiconductor industry, where Washington is working to lessen its exposure to hazards related to China, such as trade disputes and Taiwan-related conflicts.