Vietnam's ambitions to mirror the economic success of its neighbours have been given a boost after Intel said it will triple investment in the country.
More of the world's microchips will be coming from Vietnam
The world's largest chipmaker, Intel, will invest $1bn (£522m) building two production plants in a science park outside of Ho Chi Minh City.
In February, Intel said it would spend $300m to develop a single plant.
At the time, Intel's commitment to the fast-growing nation was the biggest investment by a US firm in Vietnam.
Intel's chip assembly and testing plant is Vietnam's first semiconductor facility and the Hanoi government hopes it will attract more high-tech businesses to the country.
Vietnam has just been invited to become the 150th member of the World Trade Organisation and is in the process of opening up its communist economy to foreign competition.
The first phase of Intel's plant was scheduled to employ 1,200 people, but the expanded site should create up to 4,000 jobs.
The Asia-Pacific Economic Co-operation summit will be held in Hanoi next week.
Hundreds of corporate leaders are expected to attend, along with US president George W Bush, and policymakers from the 21 Pacific Rim economies.