Prime Minister Pham Minh Chinh on June 25  met with leaders of major global technology corporations and an investment fund to strengthen cooperation in science, technology, and innovation, according to a report from the Vietnam News Agency.

The meetings took place on the sidelines of the 16th Annual Meeting of the New Champions of the World Economic Forum (WEF) in Tianjin city, China.

Talking to the Vietnamese leader, President for Cisco Asia Pacific, Japan, and Greater China (APJC) Dave West introduced Cisco as one of the world’s leading technology corporations, renowned for its pioneering role in networking equipment and information technology solutions, particularly in routing, switching, cybersecurity, cloud computing, and unified communications.

He highlighted that Cisco began manufacturing equipment in Vietnam in 2022, and the country now accounts for approximately 30% of the group’s global production. Additionally, Cisco has contributed to Vietnam’s tech workforce by supporting the training of some 100,000 professionals.

Commending Vietnam’s vision for developing science, technology, innovation, and digital transformation, Mr. West expressed Cisco’s interest in further engaging in this process, particularly in advancing technology infrastructure and training human resources, including semiconductor and artificial intelligence (AI) manpower, in deploying AI development and application models, as well as in ensuring cybersecurity.

During the meeting, PM Chinh praised Cisco’s productive operations worldwide and in Vietnam. He welcomed the group’s intention to expand cooperation with Vietnam in innovation, the application of cutting-edge technologies, and digital transformation.

Vietnam considers science, technology, innovation, and digital transformation as key drivers for economic restructuring and establishing a new growth model, with the goal of becoming a high-income and developed country by 2045, the PM noted.

The PM called on Cisco to expand its investment partnerships in Vietnam, and to serve as a bridge to attract other US businesses and Cisco partners to invest in the country. He proposed that Cisco work with Vietnamese ministries, agencies, and enterprises including the Ministry of Science and Technology, Viettel, and CMC to carry out specific cooperation programs and projects.

The Government leader also extended an invitation to Cisco executives to visit Vietnam at the earliest opportunity to discuss the establishment of a research and training centre focused on semiconductor, AI, network governance, cybersecurity, and digital transformation.

 

Besides, he asked Cisco to support Vietnam in training 100,000 semiconductor and AI professionals over the next five years, and to share resources to help the country implement its “Digital Literacy for All” campaign.

On the same day, PM Chinh received Mr. Yinglan Tan, Founding Managing Partner of Insignia Ventures Partners.

Mr. Tan noted that Insignia Ventures Partners is a Singapore-based venture capital firm established in 2017 and specializing in technology investments. In Vietnam, it is running an office in Ho Chi Minh City and has invested in many Vietnamese tech startups such as Logivan, Edmicro, Waves, Finhay, and Propzy.

He showed the fund’s intention to further engage in fostering Vietnam’s startup and innovation movement, with a focus on youth-led initiatives and the development of technology human resources.

PM Chinh praised Insignia Ventures Partners for its achievements and expressed his appreciation for its contributions to boosting Vietnam’s startups and innovative firms.

Sharing Vietnam’s wish to strengthen collaboration between tech firms and investment funds to advance human resources development in the IT sector and promote the innovation and startup ecosystem in the country.

The PM further informed that the Vietnamese Government had recently approved a list of strategic technologies and products spanning 11 priority sectors, including AI, cloud computing, quantum computing, data, and blockchain, along with new technologies for the exploitation of underground space, marine space, and universe space. He suggested Insignia Ventures Partners to explore investment opportunities in these fields to benefit from preferential policies, and participate in the international financial centre Vietnam is building.

The PM also urged the firm to accelerate efforts to launch an investment fund exclusively designed for Vietnam and additional investment cooperation mechanisms to support the growth of local startups and innovation ecosystem. He encouraged it to link its global portfolio companies to expand R&D, business, and production operations in Vietnam, making use of the country's high-tech incentives and contributing to the local tech ecosystem.

Additionally, he suggested it share experience with and give advice to the Vietnamese Government on groundbreaking policies and mechanisms to better support enterprises and startups.

At another meeting, Mr. Brand Cheng, Chairman and CEO of Foxconn Industrial Internet (FII), introduced the company’s scale and strengths, especially in providing smart manufacturing solutions and industrial digital services.

 

He expressed the firm’s willingness to cooperate with Vietnam in training a tech-savvy workforce and expanding collaboration in AI data centers, green manufacturing, and sustainable development. He also hoped Vietnam will priorities high-tech certification for companies under the Foxconn Group.

Praising FII’s successful investments in Vietnam and its future cooperation plans, the Vietnamese leader called on the company to further research and broaden its investments in the country. He encouraged FII to leverage its investment network to promote research, development, and manufacturing activities in Vietnam, contributing to the growth of the local tech ecosystem.

The PM also suggested that Foxconn transfer technology and establish semiconductor production facilities in Vietnam.

He affirmed that Vietnam will continue creating favorable conditions for foreign investors, including FII, to invest effectively in Vietnam, and hoped the company will share its experiences, contributing to building a technology ecosystem and promoting national digital transformation in Vietnam.