Vietnam, US firms to strike deals during President Biden's Hanoi visit: White House

A string of deals is set to be signed between major businesses of Vietnam and the U.S. during President Joe Biden's visit to Hanoi from September 10-11, according to the White House.

Boeing and Vietnam Airlines plan to sign a deal worth billions of USD, in which the Vietnamese national flag carrier will purchase 50 Boeing 737 Max aircraft, according to a White House release.

This move is expected to help Vietnam's growing travel and tourism industry as well as the U.S.'s manufacturing sectors with 33,000 direct and indirect jobs.

In technology, Microsoft and artificial intelligence (AI)-driven financial startup Trusting Social will cooperate to develop a generative AI-based solutions tailored for Vietnam and emerging markets.

NVIDIA will partner with Vietnam's FPT, Viettel, and Vingroup to deploy AI in the cloud, automotive, and healthcare industries. Meta Platforms and the Vietnam National Innovation Center will announce the Vietnam Innovation Challenge, a program to promote digital transformation among small and medium enterprises (SMEs).

Additionally, for the semiconductor supply chain, Arizona-based Amkor Technology will announce the commencement of operations at its state-of-the art factory, worth $1.6 billion, in the northern province of Bac Ninh in October 2023.

California-based Synopsys will launch a semiconductor design and incubation center in collaboration with Saigon Hi-Tech Park in Ho Chi Minh City. California-based Marvell will announce the establishment of a world class semiconductor design center in HCMC.

In the toutirms and travel industry, New York-based Nobu Hospitality will announce a partnership with Viet Capital Real Estate (CVRE) to bring the first ever Nobu hotel, residences, and restaurant to Vietnam.

For port and infrastructure, Seattle-based port operator SSA Marine and Vietnamese private company Gemadept will collaborate on strategic port projects in Vietnam, particularly their joint interest in developing the $6.7-billion Cai Mep Ha Logistics Center in the southern province of Ba Ria-Vung Tau.

Regarding innovation and climate change adaptation, Massachusetts-based Australis Aquaculture will work with the central province of Khanh Hoa to invest an additional $100 million to expand its sustainable aquaculture operations in Van Phong Bay.

Vietnam and the U.S. have agreed to raise bilateral ties to a comprehensive strategic partnership, the highest in Vietnam’s diplomatic hierarchy, during President Biden’s ongoing state visit to Hanoi. The upgrade takes Vietnam-U.S. relations on par with Vietnam's relationships with China, Russia, India and South Korea.

The U.S.-Vietnam relationship is a trustworthy and stable partnership that has led to growth, and American companies feel welcome in Vietnam, says Virginia Foote, vice chairwoman of AmCham Hanoi.