The U.S. is ramping up its relationship with Vietnam, announcing several new business partnerships in important fields like artificial intelligence (AI) and aviation. According to Reuters, both countries are eager to boost trade despite economic challenges. President Joe Biden met with major Vietnamese stakeholders to discuss new business opportunities.
The summit featured top execs from Vietnamese companies such as electric car maker VinFast, Vietnam Airlines, and digital wallet MoMo, as well as senior leaders from U.S. firms like Google, Amkor, Boeing, and Marvell.
Both countries reaffirmed their commitment to work closely in AI, cloud computing, and semiconductors, especially given the rising tensions with China. Biden specifically mentioned Microsoft’s plan to develop a specialized AI tool for Vietnam that aims to make workplaces more efficient. There’s a gap in the market for AI models that understand Vietnamese, and Microsoft plans to fill that need.
Amkor has plans for a $1.5 billion semiconductor plant in Vietnam focused on AI chips for large language models, set to start operations in October. Other companies like Marvell and Synopsys are also planning to set up chip design centers in Vietnam.
Given China’s recent restrictions on exporting key materials for AI chips, the U.S. sees Vietnam as a valuable alternative for sourcing semiconductor materials.
On the topic of AI regulation, both the U.S. and China are in a race to set global rules for the technology. China has already launched regulations, while the U.S. is consulting with top AI developers to establish its own guidelines. In China, more than 70 new AI tools have been released since the new regulations were established, while the U.S. is taking a more cautious approach.
A report by CertiK suggests that despite concerns over AI replacing jobs, certain roles like Web3 smart contract developers might be least affected due to the current limitations and security risks of generative AI technology.