The United States and Vietnam plan to elevate their relations as US President Joe Biden visits the country from Sunday, September 10, with officials saying the focus of the talks will be semiconductors and critical minerals.
The report cites a March Vietnamese finance ministry document laying out plans for Hanoi to pay to modernize its forces through a Vietnamese-Russian oil venture in Siberia. Hanoi is in similar talks with multiple arms suppliers including the US. It is unclear how far those talks have evolved. The visit comes as bilateral trade and investment ties are growing and a long-simmering territorial dispute between Vietnam and China heats up in the South China Sea.
Besides possible announcements by US corporations, it is unclear how significant the U.S. administration’s contribution to the sector could be, having only $100 million a year for five years available under the CHIPS Act to support semiconductor supply chains globally. A large part of it could go to Vietnam, officials said.
Two people familiar with the plans said an agreement on rare earths was expected during Biden’s visit, which ends on Monday when he flies back to America.
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