FPT to inject $100 million into the US by year-end

The announcement was made by Truong Gia Binh, chairman of FPT Corporation, at the Vietnam-US Innovation and Investment Summit on September 11 in Hanoi. He joined US President Joe Biden and Vietnamese Prime Minister Pham Minh Chinh at the summit.

By the end of 2023, FPT anticipates an investment of $100 million and a workforce of nearly 1,000 employees in the US. With continuous investments, it expects to create 3,000 more jobs by 2028 and reach $1 billion in revenue from the US market by 2030.

At the summit, FPT made a proposal to the US government with a focus on two key areas.

Firstly, FPT advocates for comprehensive policies from the US government to nurture Vietnam's growth as a semiconductor ecosystem. The corporation suggested that the government should invest in the training of 30,000 to 50,000 semiconductor professionals to meet this sector’s increasing demands.

Secondly, FPT seeks investment and support for FPT University's initiatives to train engineers specialising in both semiconductor chip design and AI, aiming to bolster the workforce's capabilities in these critical fields.

At the summit, FPT announced a comprehensive strategic partnership with Landing AI – one of the US' leading Computer Vision Platform and AI Software companies – to accelerate AI integration across its educational system – FPT Education.

FPT's strategic priorities closely align with critical agreements between the US and Vietnam, with the semiconductor industry and its workforce development as the centrepiece of the action plan unveiled during President Biden's visit.

Accordingly, Vietnam and the US have decided to strengthen science, technology, and digital innovation cooperation, regarding this as a new breakthrough of the Comprehensive Strategic Partnership. The US asserted its commitment to increasing support for Vietnam in the training and development of a high-tech workforce.

President Biden and PM Chinh pledged to support the rapid development of Vietnam’s semiconductor ecosystem and to work together energetically to improve Vietnam’s position in the global semiconductor supply chain.

To this end, the US and Vietnam have announced the launch of semiconductor workforce development initiatives, supported by initial seed funding of $2 million from the US government and future support from the Vietnamese government and the private sector.

Along with sound political relations, economic-trade ties have been one of the most successful endeavours within Vietnam-US relations. The US is currently one of Vietnam’s largest trading partners.

High-level meetings between the US and Vietnam have paved the way for a strategic partnership focusing on the technology sector, with semiconductors and innovation at the forefront.

Vietnam’s semiconductor potential is being bolstered by the development of manufacturing complexes and related capabilities.