Business Conversations Flourish As Biden Visits Vietnam Amidst Press Conference Interruption
Business conversations flourish as Biden visits Vietnam amidst press conference interruption. Top executives from leading companies in the semiconductor, technology, and aviation sectors in the United States and Vietnam convened on Monday in an effort to establish strategic business collaborations. This meeting coincided with the visit of U.S. President Joe Biden to Hanoi, which has already resulted in new agreements in the fields of aircraft and artificial intelligence.
Prominent figures representing Google (GOOGL.O), Intel (INTC.O), Amkor (AMKR.O), Marvell (MRVL.O), GlobalFoundries (GFS.O), and Boeing (BA.N) were present at the Vietnam-U.S. Innovation & Investment Summit, as outlined in the meeting agenda.
Representatives from several Vietnamese companies also participated in the summit, including VinFast, an electric car manufacturer listed on Nasdaq; Vietnam Airlines (HVN.HM), the national flag carrier; tech giant FPT (FPT.HM); MoMo, the largest e-wallet platform in the country; and VNG, an internet company that filed for a U.S. IPO in August.
During the meeting, President Biden emphasized the ongoing collaboration between the two nations in the fields of cloud computing, semiconductor technology, and artificial intelligence. He underscored Vietnam's significant role in the supply of critical minerals, highlighting the importance of this partnership.
Vietnam possesses the world's second-largest estimated reserves of rare earth minerals, crucial components in electric vehicles and wind turbines. This meeting, occurring after a significant enhancement of diplomatic ties was finalized on Sunday, clearly reflects the United States intention to enhance Vietnam's global prominence. This is especially evident in the realm of semiconductor manufacturing, as Washington aims to reduce the industry's reliance on China-associated vulnerabilities, such as trade disputes and tensions related to Taiwan.
COPYRIGHT_BP: Published on https://bingepost.com/business-conversations-flourish-as-biden-visits-vietnam-amidst-press-conference-interruption/ by Cecilia Jones on 2023-09-12T01:56:47.500Z
Announcements made by the White House during the visit include Vietnam Airlines' acquisition of 50 Boeing 737 Max aircraft, a deal valued at $7.8 billion, aligning with previous reports. The White House additionally disclosed Microsoft's (MSFT.O) intentions to develop an AI solution tailored for Vietnam and emerging markets using generative AI technology.
Nvidia (NVDA.O) is set to collaborate with Vietnam's FPT, Viettel, and Vingroup (VIC.HM), the parent company of VinFast, on AI initiatives within the country, as per the announcement. Furthermore, the White House emphasized the substantial investments made by U.S. companies in the chip sector in Vietnam. This includes plans by Marvell and Synopsys (SNPS.O) to establish chip design centers in the country.
In October, a new Amkor factory near Hanoi, valued at $1.6 billion, is scheduled to commence operations. This facility will be responsible for the assembly, packaging, and testing of semiconductor chips.
The investment amount matches that of Intel's significant $1.5 billion chip assembly plant in the southern part of Vietnam, which stands as the company's largest such facility globally. Earlier this year, there were indications that Intel might consider expanding this plant.
In addition, the U.S. conglomerate Honeywell (HON.O) is set to collaborate with a Vietnamese partner on a pilot project aimed at developing Vietnam's inaugural battery energy storage system, as disclosed by the White House.
The meeting was co-hosted by U.S. Secretary of State Antony Blinken and Vietnam's Minister of Investment Nguyen Chi Dung. Subsequent discussions involved President Biden and Vietnam's Prime Minister Pham Minh Chinh.
Minister Dung also expressed his hope during the meeting that Vietnamese companies could expand their presence in the United States and participate in the global supply chain, according to a government statement.
After the meeting, President Biden's press conference took an unexpected turn when a member of his team seemed to prematurely conclude the session, interrupting the president as he was still addressing reporters. During the press conference, as the president was in the midst of responding to a question, an individual could be heard speaking over him, expressing gratitude by saying, "thank you everybody," and effectively bringing the press conference to an end.
The president also expressed his thanks before he began to move away from the stage. It was reported that it was White House Press Secretary Karine Jean-Pierre who brought the president's remarks to a close. During the press conference, the president took five questions from reporters and wrapped up by humorously stating that he was "going to bed."
As President Biden concluded his remarks and walked away from the podium, he chose not to respond to a question concerning his feelings about any potential indictment of his son, Hunter Biden. In his address, the president also reiterated a phrase, "lying, dog-faced pony soldier," in reference to individuals who are skeptical about the issue of "global warming."
"Well, there’s a lot of lying, dog-faced pony soldiers out there about - about global warming, but not anymore. All of a sudden, they’re all realizing it’s a problem. And there’s nothing like seeing the light," he said while answering a question about there being no agreement at the G20 Summit with regard to fossil fuels.
A White House representative came to President Biden's defense, stating that he provided substantive responses to questions posed by numerous reporters during the press conference.
"The President substantively answered questions from 7 reporters. This is a distraction, and it would do your readers a good service to dive into his answers on China, relations with Indo-Pacific countries, human rights and climate change instead," the official said.