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- 1 The US and Vietnam signed a significant billions of dollars partnership aimed to advance emerging technologies.
- 2 Both countries upgrade key sectors including Artificial Intelligence (AI), Cloud Computing, and Semiconductor.
A joint press conference held on September 11, 2023, settled the announcement of billions of dollars partnership between the US and Vietnam. Witnessing business deals and partnerships, both countries are all set to upgrade the emerging technologies as well the communal relationships. Let’s take a look at the key purpose of the partnership.
Global Tech Competition
In the continuously evolving world, it becomes imperative to work as a team to spread the magic of technology and innovation. With the same perspectives, two giant countries, the US and Vietnam came up with a partnership to upgrade technologies including AI, semiconductors, and cloud computing. “The collaboration is a formal upgrade and expected to improve sectors including AI, computing, etc..”, clarified Joe Biden, the US president. Also, the collaboration took place under prominent tech giants including Microsoft, Google, Nvidia, Boeing, Amkor, etc.
The collaboration drew when the US was already in competition with China. In October 2022, Joe Biden ceased the export of AI chips to the Chinese market. In response to this, China introduced new AI regulations, all set to release around 70 AI models with a billion parameters. To give tough competition and maintain a strong position in the high-tech world, the US decided to sign a partnership with Vietnam.
But, Why Vietnam and no other technically advanced nation?
Vietnam is actually home to many of the world’s leading technology companies and is ranked 48 out of 132 in the Global Innovation Index 2022 by the World Intellectual Property Organization (WIPO). The country has high growth potential and room for improvement. Another reason for collaboration with Vietnam is its economic positioning. Vietnam is considered among the world’s fastest-growing economies, standing at 34 ranks globally with a GDP of $450 Billion. More trade and investment are expected from the collaboration.
What to Expect?
The AI-focused contract between the economically safe countries offers a ray of hope, not only in terms of technology advancements but also in social commitments. Looking back to history, the relations between both countries were not effective and faced several challenges. It is expected that the collaboration will enhance the technological capabilities of both nations, benefitting the global technical sector. In addition to this, it is also heard that two supergiants Boring and Amkor are planning to set up a new factory near the capital of Vietnam that is Hanoi. The plan is to assemble, package, and test the AI Chips which is going to commence in October.
In Simple terms, it can be said that the partnership is going to offer something engaging, innovative, and beyond expectation to the world soon. AI, Cloud Computing, and semiconductor technologies will hit new heights shortly.
Conclusion
In a joint press conference, the two tech giants, the US and Vietnam witnessed a collaboration to upgrade technologies including AI, semiconductors, and cloud computing. In addition to this, a new factor is expected to be installed in Hanoi for AI chip testing.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
