Prime Minister Pham Minh Chinh visited Nvidia (NVDA.O) and Synopsys (SNPS.O) headquarters to encourage them and other U.S. tech companies to invest in Vietnam’s semiconductor industry.
“Vietnam is willing to open its doors to all investors to invest and do business there,” Chinh told a San Francisco technology industry gathering during his US tour, according to a government release.
This month, U.S. President Joe Biden visited Hanoi and proclaimed enhanced bilateral relations and intentions to strengthen collaboration in semiconductors, AI, and vital minerals. Chinh’s trip follows.
The announcement added Chinh would help Nvidia and Synopsys invest in Vietnam.
Nvidia CEO Jensen Huang told Chinh, “Nvidia wants to cooperate with Vietnam in semiconductor, information technology and artificial intelligence.”
On Monday, Synopsys inked memorandums of understanding with Vietnam’s information and investment ministries to develop semiconductor design centers.
Nvidia, Vietnam’s largest server supplier, and Synopsys did not respond to Reuters requests for comment.
Intel (INTC.O) has its largest chip assembly, packaging, and testing factory in southern Vietnam, while rival Amkor (AMKR.O) is building a massive semiconductor assembly and testing complex near Hanoi.
Chinh will visit Brazil after the UN General Assembly this week in the U.S.