I guess it was wishful thinking that big tech would bring all elements of chip manufacturing back to the U.S. Those U.S. workers want too high of wages versus those of communist Vietnamese. Oh, but we don’t engage in discrimination unless it has to do with big tech looking for cheaper, sometimes child, laborers. Then, discrimination gets a thumbs up because it helps improve the bottom-line of course!
Top U.S. chipmakers, tech companies to attend meetings with Biden Communist Vietnam visit
Top U.S. semiconductors and digital companies including Intel (INTC), GlobalFoundries (GFS), Google (GOOGL), and Marvell (MRVL) are expected to attend a business meeting on Monday in Hanoi as President Joe Biden visits communist ran Vietnam to boost ties. The meeting, which is still being arranged, would confirm U.S. plans to boost communist ran Vietnam’s global role in different segments of chipmaking, as part of Washington’s broader strategy to reduce the sector’s exposure to China-linked risks, including trade restrictions and tensions over Taiwan.
Wait! Where did all the billions of dollars of tax payers money for the Chips Act go? Biden said that was to be used to bring chip manufacturing jobs back to the U.S. If we could get a real reporter to ask Joe Biden that question, that would be nice as it was over $30+ billion of our tax dollars spent. Source: https://www.reuters.com/technology/top-us-chipmakers-tech-firms-attend-vietnam-meeting-biden-visits-sources-2023-09-09/
Oh wait, never mind. Stupid me. Living in this globalist elite run world is so complicated! The Chips Act was sold to U.S. tax payers as a way to bring more manufacturing and good tech jobs back to the U.S. but in reality, the actual document, signed by both democrats and republicans, benefited communist ran Vietnam.
Under the International Technology Security and Innovation Fund (“ITSI” Fund), created by the CHIPS Act of 2022, the United States will partner with Vietnam to further develop Vietnam’s current semiconductor ecosystem, regulatory framework, and workforce and infrastructure needs.
China and Losing Jobs To Communist Vietnam
It is being reported that Biden and big techs expanded relations with Vietnam is “irking” China. China’s foreign ministry called for the United States not to target a “third party” when it engages with other countries in Asia.
“We believe that when dealing with relations with Asian countries, the United States should abandon Cold War zero-sum game mentality, abide by the basic norms of international relations, not target a third party, and not undermine regional peace, stability, development and prosperity,” foreign ministry spokeswoman Mao Ning told a daily briefing in Beijing on Monday.
Vietnam, perhaps seeking to appease China, is discussing top-level visits to Hanoi saying China’s President Xi Jinping or Premier Li Qiang could meet Vietnamese leaders in the coming days or weeks.
Vietnam’s economy badly needs a boost in capital, technology, and market access and so Vietnam’s communist leaders may have calculated the best timing for the move is now as U.S. relations with China are likely to get worse in the future.
International Trade Between the U.S. and Vietnam
Vietnam and the United States have experienced a significant growth in their trade relationship over the years. In 2020, the United States was Vietnam’s largest export market, accounting for around 23% of Vietnam’s total exports. The total bilateral trade between the two countries reached approximately $90 billion, with Vietnam enjoying a trade surplus of around $58 billion. The main exported products from Vietnam to the United States include electronics, textiles, footwear, furniture, seafood, and agricultural products. Vietnam has become a major manufacturing hub for many American companies, attracting investments due to its low-cost labor and favorable business environment. On the other hand, the United States mainly exports machinery, aircraft, cotton, and other agricultural products to Vietnam. American companies are also investing in various sectors in Vietnam, including energy, technology, and finance.
The trade relationship between Vietnam and the United States has been supported by various trade agreements. The most significant is the United States-Vietnam Bilateral Trade Agreement (BTA), signed in 2000, which laid the foundation for increased trade between the two nations. Furthermore, Vietnam is a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which also includes the United States (although the U.S. withdrew from the original Trans-Pacific Partnership agreement in 2017). Even though the U.S. has a massive trade deficit with Vietnam, government ordained economists say that overall, the trade between Vietnam and the United States has been mutually beneficial, with both countries benefiting from increased market access and economic cooperation.