Nikkei Asia on January 29 quoted a close source as saying that the US is to pour capital into Vietnam’s semiconductor manufacturing to strengthen its global supply chain.

Jose Fernandez, who visited Vietnam last week as part of his Asia tour, said the US is targeting seven countries for part of its CHIPS and Science Act, which includes US$500 million for improving semiconductor training, cybersecurity and business climates globally.

“We went through a list of countries that we felt had the potential to benefit from our support, and Vietnam was one of the first countries that we thought about,” he told Nikkei in an interview.

He said Vietnam should also take action before it is too late to attract investment in vital industries, like clean energy and minerals, that can be used for electric vehicles and batteries.

The US is to allocate the funds under the CHIPS Act in February based on recommendations by the Organisation for Economic Co-operation and Development. The study includes asking companies what Vietnam needs in order to develop the semiconductor industry, such as training, Fernandez said.

Meanwhile, Reuters quoted Fernandez as saying 15 US firms, including semiconductors firms, have expressed interest in investing US$8 billion in Vietnam’s clean energy infrastructure. The US will cooperate and support Vietnam in achieving its semiconductor industry’s goals, including training 50,000 engineers for this industry.

Fernandez’s business trip to Vietnam is part of the US plan to realize the agreement reached in September 2023 when the two countries officially llifted their relations to a comprehensive strategic partnership during President joe Biden’s visit to Hanoi.

Source: VOV