July 10, 2024
U.S.-Vietnam Agreements Boost AI Collaboration

Historic U.S.-Vietnam Agreements Forge Multi-Billion-Dollar AI Partnerships

The United States and Vietnam have entered into substantial business agreements and partnerships valued at billions of dollars aimed at advancing collaboration in artificial intelligence technologies and various other sectors. This development was announced during a joint press conference held on September 11.

U.S. President Joe Biden characterized this as a formal enhancement of the relationship between the two nations, with a particular emphasis on critical areas such as cloud computing, semiconductors, and AI. In his words, “We are deepening our collaboration in essential and emerging technologies, with a particular focus on strengthening the semiconductor supply chain’s resilience.” He also expressed his anticipation that this economic partnership would stimulate increased trade and investment between the two countries. However, he stressed that this move was not aimed at containing China but rather at establishing a stable foundation in the region.

Prominent companies in the AI sector, including Google, Intel, Boeing, Amkor, Microsoft, and Nvidia, were present at the event. Additionally, Boeing and Amkor secured separate deals, with Amkor planning to inaugurate a new facility near Hanoi, the capital of Vietnam, in October of this year.

This facility will be responsible for assembling, packaging, and testing AI chips, as stated by the White House. According to data from Acclime, a corporate services provider in the Asia region, Vietnam is among the world’s fastest-growing economies, ranking 34th globally with a gross domestic product of $450 billion. The nation has also transitioned from a centrally controlled economy to a more open one, making the United States one of its leading export markets.

This recent agreement centered on AI is reported to have elevated the United States by two levels in Vietnam’s bilateral hierarchy of relationships. Previously, this position was held by China, Russia, India, and South Korea. Furthermore, the relationship with the United States had been constrained in the past due to concerns about upsetting China and a turbulent history stemming from the war.

These developments in Vietnam coincide with global efforts by governments to develop and deploy advanced AI systems, especially in the ongoing competition between the United States and China. In October 2022, the Biden administration imposed export restrictions on the latest and most powerful semiconductor chips destined for China, with the potential for further tightening of these restrictions. China, on the other hand, implemented new AI regulations in August, resulting in the release of more than 70 AI models with over a billion parameters.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

Related posts

AI Future: Personalized Systems, Says Amazon Exec

Bran Lopez

Nvidia Sets Sights on $200M AI Hub in Indonesia Amid Global Demand Surge

Chloe Taylor

Nvidia AI Surge: World’s Most Valuable Company

Christian Green

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.