According to the Vietnamese government, Nvidia aims to build a base in Vietnam to boost the country's semiconductor industry because it views the Vietnamese market as essential.

During his first visit to the Southeast Asian country, Nvidia CEO Jensen Huang stated that the company considers Vietnam to be its home and confirmed plans to establish a center there.

"The base will be for attracting talent from around the world to contribute to the development of Vietnam's semiconductor ecosystem and digitalisation," Huang said after meeting with Prime Minister Pham Minh Chinh, according to a Vietnamese official release.

Nvidia, which has already invested $250 million in Vietnam, is expected to meet with Vietnamese tech businesses and government on Monday to discuss semiconductor collaboration partnerships, according to Reuters.

Vietnam, which is home to massive chip assembling plants, including Intel's largest in the world, is attempting to grow into chip designing and even chip manufacturing as trade tensions between the US and China create opportunities in the industry.

According to a letter published by the White House in September when Washington upgraded diplomatic relations with Vietnam, the chipmaker has already cooperated with Vietnam's biggest tech businesses to apply AI in the cloud, automotive, and healthcare industries.