FPT plans $100M investments in US

FPT Chairman Truong Gia Binh announced the investments at the Vietnam - U.S. Summit on Innovation and Investment in Hanoi Monday, adding that its projects will come with a 1,000-strong workforce.

The corporation expects to create more than 3,000 jobs by 2028 and generated revenues of $1 billion in the U.S. market by 2030, Binh said at the summit, held during President Joe Biden's state visit to Vietnam and attended by Vietnam's Minister of Planning and Investment Nguyen Chi Dung and the U.S. Secretary of State Antony Blinken.

FPT also announced its comprehensive strategic partnership with Landing AI, a computer vision platform and AI software company in the Silicon Valley to boost AI adoption at FPT Education.

Joining the U.S. market in 2008, FPT has partnered with more than 300 businesses, including more than 30 in Fortune 500.

FPT Chairman Truong Gia Binh (R) talks with a U.S. business leader at the Vietnam - U.S. Summit for Innovation and Investment in Hanoi, September 11, 2023. Photo by FPT

At the summit, Binh asked for support from the U.S. government to develop the semiconductor industry in Vientam.

He proposed that the U.S. invest in training 30,000 to 50,000 semiconductor experts to Vietnam and provide FPT with funds for training semiconductor and AI engineers.

"On behalf of Vietnamese businesses, we at FPT want the U.S. government to have support policies to turn Vietnam into a country with a semiconductor ecosystem," Binh said.

President Biden and Vietnamese Prime Minister Pham Minh Chinh agreed on Monday to turn technology, innovation, and investment into an important pillar of the countries' comprehensive strategic partnership.

Biden said the U.S. will cooperate and support Vietnam to seize opportunities in technology, suggesting Vietnam and its businesses continue to promote development in science and technology, innovation, semiconductor industry, green transformation, climate change response and human resources training, and to participate more deeply in regional and global value chains.

FPT established FPT Semiconductor last year with plans to distribute 25 million microchips globally in 2024 and 2025.