The U.S. and Vietnam on Monday announced the U.S.–Vietnam Semiconductor Partnership during Joe Biden's visit to the country.

Biden arrived in Vietnam, a crucial neighbour of China, after completing his visit to New Delhi to attend the G20 Summit.

During his meeting with Prime Minister Pham Minh Chinh of Vietnam, Joe Biden discussed the new U.S.–Vietnam Comprehensive Strategic Partnership.

"President Biden and Secretary Blinken also convened a U.S.-Vietnam Innovation and Investment Summit with U.S. and Vietnamese industry leaders—alongside Prime Minister Chinh and Minister Nguyen Chi Dzung—to discuss priorities for expanding technology and economic cooperation, including Vietnamese investments in the United States," read a statement issued by the White House.

Meanwhile, White House confirmed that Vietnam Airlines has finalised a substantial $7.8 billion agreement with American aircraft manufacturer Boeing.

"The President and the Prime Minister also welcomed a landmark deal between Boeing and Vietnam Airlines worth $7.8 billion that will support more than 30,000 jobs in the United States. President Biden expressed that he looks forward to seeing Prime Minister Chinh when he visits the United States in late September for the United Nations General Assembly," read the statement.