FPT Announces US Investment, Workforce Development for AI and Semiconductor amid Biden's Vietnam Visit

Hanoi, Vietnam - September 11, 2023 - On the occasion of US President Joe Biden’s State Visit to Vietnam, FPT Corporation (FPT) Chairman Truong Gia Binh called for collaboration and state support from Vietnam and US governments in workforce development, artificial intelligence (AI), and semiconductor industry.

The statement was delivered at the Vietnam – US Innovation & Investment Summit held on September 11 in Hanoi, with the participation of Vietnam Minister of Planning and Investment Nguyen Chi Dzung, US Secretary of State Antony Blinken, and both countries’ delegations. Participating in the panel discussion as one of Vietnam’s representative businesses, FPT Chairman emphasized the company’s steadfast commitment to advancing technology and strengthening bilateral ties between Vietnam and the US.

FPT’s proposal to the US government includes three primary focuses. It first calls for direct investment and the removal of Vietnam from the "country risk" list by the US, a move that would signal increased confidence and collaboration between both nations’ businesses. The investment will also be particularly transformative for FPT’s participation in the Open-Source AI Alliance led by US tech giants, including IBM, Meta, Intel, and Dell. 

Secondly, FPT advocates for comprehensive policies from the US government to nurture Vietnam's growth as a semiconductor ecosystem. Vietnam's leading corporation also proposes that its government invest in the training of 30,000 to 50,000 semiconductor professionals to meet this sector’s increasing demand.

Finally, FPT seeks investment and support for FPT University's initiatives in training engineers specializing in both semiconductor chip design and AI, aiming to bolster the workforce's capabilities in these critical fields. With AI training being a strategic investment of the Corporation, FPT also announces the comprehensive strategic partnership with Landing AI, one of the US's leading Computer Vision Platform and AI Software companies, to accelerate AI integration across its comprehensive educational system, FPT Education. FPT University also recently established its Semiconductor Circuit Faculty, which will provide training programs for undergraduate, college, and postgraduate students starting in 2024. 

FPT's strategic priorities closely align with critical agreements between the US and Vietnam, with the semiconductor industry and its workforce development as the centerpiece of the action plan unveiled during President Biden's visit. Since establishing its semiconductor subsidiary in 2022, FPT Semiconductor’s PMIC - Power Management IC product line has gone through R&D phase and has reached mass production phase, with a plan to supply 25 million chips globally in 2024 and 2025.

FPT entered the American market in 2008 and has become a trusted partner of over 300 clients, including more than 30 companies on the Fortune 500 list. The United States stands as one of FPT's most important overseas markets, boasting the highest profit contribution with a 50% growth rate in 2022. In this market, FPT also anticipates an annual investment of 100 million USD, and has a plan to grow the workforce by nearly 1,000 employees by the end of 2023. With continuous investments, FPT expects to create 3,000 more jobs by 2028 and reach 1 billion USD in revenue from the US market by 2030.