February 21, 2024

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Nvidia plans Vietnam expansion for AI development

2 min read
Nvidia plans Vietnam expansion for AI development

Nvidia, one of the market’s leading developers of artificial intelligence (AI) chips, announced its intentions to expand partnerships in Vietnam and set up a base in the country after a visit from the company’s CEO. 

Nvidia CEO Jensen Huang said Vietnam is already a company partner and is home to millions of its clients, with Nvidia already investing $250 million in Vietnam.

“Vietnam and Nvidia will deepen our relations, with Viettel, FPT, Vingroup, VNG being the partners Nvidia looks to expand partnership with.”

He also said Nvidia will help support local AI training and infrastructure.

At the same event, Vietnamese Minister of Planning and Investment Nguyen Chi Dzung highlighted the country’s recent efforts to prepare incentives and schemes to attract investments in the AI and semiconductor industries. 

The Vietnamese government also said that Nvidia has plans to set up a center in the country through which it can attract “talent from around the world to contribute to the development of Vietnam’s semiconductor ecosystem and digitalisation.”

Related: 76% of Vietnamese crypto holders invest based on referrals — Report

This meeting comes a few months after United States President Joe Biden made a historic visit to Vietnam, during which the two governments completed business deals and partnerships worth billions of dollars to advance the AI, semiconductor, and cloud computing industries.

During this meeting, heads of major companies in the AI development space were also in attendance, including Nvidia, Google, Intel, Boeing, Amkor, and Microsoft.

Nvidia is at the heart of the U.S.’s AI manufacturing and development industry and has been affected by the sanctions the U.S. has been imposing on certain foreign markets in the semiconductor chip business. 

Nonetheless, the company reported record-breaking revenue for the third quarter of $18 billion and cited generative AI as the primary reason.

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