Executives from prominent U.S. and Vietnamese firms gathered during U.S. President Joe Biden's visit to Hanoi to establish business partnerships in the semiconductor industry. The Vietnam-U.S. Innovation & Investment Summit saw participation from senior executives of key companies such as Google, Intel, Amkor, Marvell, GlobalFoundries, and Boeing. Vietnamese counterparts included executives from VinFast, Vietnam Airlines, FPT, MoMo, and VNG.

On September 10, 2023, President Joe Biden was present at a meeting held at the Communist Party of Vietnam Headquarters in Hanoi, Vietnam. The meeting featured the attendance of Vietnam's Communist Party General Secretary, Nguyen Phu Trong.

President Biden reaffirmed the commitment to strengthening cooperation between the two countries in cloud computing, semiconductors, and artificial intelligence, highlighting Vietnam's crucial role in the supply of critical minerals. Notably, Vietnam possesses the second-largest estimated deposits of rare earths globally, which are integral to the production of electric vehicles and wind turbines.

The summit, held after the historic upgrade of diplomatic relations, demonstrated the United States' intent to bolster Vietnam's global standing, particularly in the semiconductor sector. The aim is to mitigate risks associated with China, including trade disputes and tensions surrounding Taiwan.

The trip also resulted in significant agreements in the semiconductor field. Vietnam Airlines announced the purchase of 50 Boeing 737 Max jets, worth $7.8 billion. Microsoft unveiled its plans to develop a customized AI-based solution for Vietnam and emerging markets. Nvidia will collaborate with FPT, Viettel, and Vingroup on AI initiatives in Vietnam. The White House emphasized the growing number of chip-related investments by U.S. companies, such as Marvell and Synopsys establishing chip design centers within the country.

Additionally, a new Amkor factory, valued at $1.6 billion, will soon begin operations near Hanoi, focusing on chip assembly, packaging, and testing. This investment is comparable to Intel's $1.5 billion chip assembling plant, representing the company's largest facility worldwide. Honeywell, a U.S. conglomerate, also announced a collaborative effort with a Vietnamese partner to establish Vietnam's maiden battery energy storage system.

The summit was chaired by U.S. Secretary of State Antony Blinken and Vietnam's Minister of Investment, Nguyen Chi Dung. Following the meeting, President Biden engaged in discussions with Vietnam's Prime Minister, Pham Minh Chinh. Minister Dung expressed his aspirations for Vietnamese companies to expand in the United States and become integral participants in the global supply chain.