You must be aware that the G20 Summit was held in India this time, and it took place over the weekend in the capital of India which is New Delhi. At the event, excluding Russia and China’s President, all the other dignitaries were present including the US President Joe Biden. It was also announced at the event that a resolution had been reached. After the event, as expected, US President Joe Biden went to Vietnam as planned prior to his arrival in India. During his short trip to Vietnam, the US President Biden discussed business with Vietnam’s firms.
As per the report, “Deals unveiled by the White House during the trip include Vietnam Airlines’ purchase of 50 Boeing 737 Max jets, in an agreement that it said was worth $7.8 billion” and also a “number of chip-related investments by U.S. firms in Vietnam, including plans by Marvell and Synopsys to build chip design centers in the country”. The report also mentioned about “a new $1.6 billion Amkor factory near Hanoi that will assemble, package and test chips is due to start operations in October. The investment value is on par with Intel’s $1.5 billion chip assembling plant in the south of the country – the company’s biggest worldwide”
White House also said that “U.S. conglomerate Honeywell will cooperate with a Vietnamese partner to launch a pilot project to develop Vietnam’s first battery energy storage system” and added that “Nvidia will also partner with Vietnam’s FPT, Viettel and Vingroup VinFast’s parent company, on AI in the country”. Now, we know that Vietnam is not a major country by any stretch of the imagination but it holds a lot of significance for the US as it “has the world’s second-biggest estimated deposits of rare earths, which are used in electric vehicles and wind turbines”. We already know that the US is not interested in building relationships with anyone but just strategic partnerships and this is one of them as well because we know that the US electric car manufacturers can benefit a lot from Vietnam’s supplies. Also, the meeting between US and Vietnam followed a historic upgrade of diplomatic relations agreed on Sunday, underscoring U.S. desire to boost Vietnam’s global role.