Chip maker NVIDIA (NASDAQ:NVDA) is looking to expand its presence in Southeast Asia’s rising manufacturing hub, Vietnam. The company has so far invested $250 million in the country.
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During a recent meeting with Vietnamese Prime Minister Pham Minh Chinh, NVIDIA’s CEO, Jensen Huang, noted that his company would turn Vietnam into a major chip manufacturing hub. This development comes after Vietnam was recently visited by a delegation of leading U.S. semiconductor companies.
Vietnam is looking to bolster its chip design and production prowess at a time when the U.S. is moving to lower its dependence on China. According to Reuters, NVIDIA will also expand its partnership with Vietnamese companies and support talent development in the country. Vietnam is working to provide incentives for attracting investment projects. Reportedly, its Investment Minister, Nguyen Chi Dzung, has asked NVIDIA to set up an R&D facility in the country.
What is the Target Price for NVDA?
Overall, the Street has a Strong Buy consensus rating on NVIDIA. Following a nearly 170% rally in the company’s share price over the past year, the average NVDA price target of $661 points to a further 39.1% potential upside in the stock.
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