Nvidia Corporation (NASDAQ:NVDA) intends to grow its presence in Vietnam and expand the country’s semiconductor industry, according to a statement from the Vietnamese government.
Nvidia CEO Jensen Huang visited the country and confirmed the company’s plans to establish a base in the country.
"The base will be for attracting talent from around the world to contribute to the development of Vietnam's semiconductor ecosystem and digitalisation," the Vietnamese government said in a statement following a meeting between Huang and Prime Minister Pham Minh Chinh.
Nvidia previously invested $250 million in Vietnam, and the company plans to discuss cooperation agreements with Vietnamese tech companies, analysts at Wedbush noted in a note to clients.
“NVDA has worked with local tech companies in deploying AI solutions in cloud computing, automotive, and healthcare; this also aligns with Vietnam's efforts to enter chip design and manufacturing amid US/China trade tensions,” the analysts wrote. “Vietnam's investment minister expressed readiness to provide incentives for semiconductor and AI projects.”
Vietnam is already home to chipmaking plants including a major Intel production facility.
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