Vietnam reiterates request for US aid for semiconductor industry

By Minh Anh
Thu, November 16, 2023 | 11:34 pm GMT+7

Vietnam has asked the U.S. government for support to develop its fledgling semiconductor sector and other basic industries as the country has become one of the fastest-growing semiconductor markets in the world.

At a meeting with U.S. Under Secretary of State for Economic Growth, Energy, and the Environment Jose Fernandez on November 15, Minister of Industry and Trade Nguyen Hong Dien proposed the two countries set up a joint working group to enhance cooperation in those fields in Vietnam.

The two officials met on the sidelines of APEC Economic Leaders' Week in San Francisco.

Vietnam's Minister of Industry and Trade Nguyen Hong Dien holds talks with U.S. Under Secretary of State for Economic Growth, Energy, and the Environment Jose Fernandez in San Francisco, November 15, 2023. Photo courtesy of the Ministry of Industry and Trade.

Vietnam's Minister of Industry and Trade Nguyen Hong Dien holds talks with U.S. Under Secretary of State for Economic Growth, Energy, and the Environment Jose Fernandez in San Francisco, November 15, 2023. Photo courtesy of the Ministry of Industry and Trade.

The working group would focus on policy guidance, workforce training, and facilitation of business connections in the two countries, Dien clarified.

For his part, Fernandez agreed with Dien’s proposal and suggested conducting more in-depth discussions on matters of interest to U.S. businesses, with a focus on energy and industry.

Semiconductor cooperation was a focal point during leaders’ talks during President Biden’s visit to Hanoi in September. The U.S. affirmed its commitment to increasing support for Vietnam in the training and development of a high-tech workforce, said the joint statement.

Acknowledging Vietnam's tremendous potential as a major player in the semiconductor industry, Biden and Vietnam’s Communist Party chief pledged to support the rapid development of Vietnam's semiconductor ecosystem and to work together energetically to improve Vietnam's position in the global semiconductor supply chain.

Toward this end, the U.S. and Vietnam announced the launch of semiconductor workforce development initiatives – supported by initial seed funding of $2 million from the U.S. government, in conjunction with future Vietnamese government and private sector support.

At a high-tech business forum summit on September 11, the Vietnamese government suggested American tech giants such as Intel, Amkor, and Marvell develop a chip ecosystem and join hands with Vietnamese partners in research & development and design of semiconductors.

During a U.S. tour on September 17-23, Prime Minister Pham Minh Chinh met with executives of American semiconductor corporations and witnessed the signing of a series of agreements between them and Vietnamese agencies and businesses.

To tackle the manpower shortage in the semiconductor industry, the government has mapped out a plan to train between 50,000 and 100,000 engineers by 2030.

According to market research company Technavio, Vietnam’s semiconductor market may expand $15 billion in the 2021-2025 period, or 6.5% per year.

Comments (0)
  • Read More
Vietnam shares sink on extended foreign selloffs

Vietnam shares sink on extended foreign selloffs

Vietnamese equities fell for a fourth consecutive day on Tuesday as foreign traders extended their selling spree.

Finance - Tue, November 19, 2024 | 5:10 pm GMT+7

Germany’s household product firm QuickPack to invest $32 mln in Vietnam

Germany’s household product firm QuickPack to invest $32 mln in Vietnam

Germany’s QuickPack, a specialist for household goods and hygiene products, will invest €30 million ($31.8 million) in Vietnam’s Mekong Delta province of Long An.

Industries - Tue, November 19, 2024 | 4:24 pm GMT+7

Malaysian millionaire willing to invest in convicted Vietnamese tycoon’s property project: lawyers

Malaysian millionaire willing to invest in convicted Vietnamese tycoon’s property project: lawyers

Malaysian millionaire Vincent Tan has evinced investment interest in a residential project owned by convicted tycoon Truong My Lan, chairwoman of Van Thinh Phat Group, lawyers for the latter have disclosed.

Real Estate - Tue, November 19, 2024 | 4:17 pm GMT+7

‘Bottleneck of bottlenecks’ continues to dog Vietnam's property, infrastructure projects

‘Bottleneck of bottlenecks’ continues to dog Vietnam's property, infrastructure projects

Limited consultations between state agencies and the parliament’s primary focus on wording are issues with Vietnam’s legal framework adversely affecting property and infrastructure projects, say experts and corporate leaders.

Economy - Tue, November 19, 2024 | 3:40 pm GMT+7

President Xi Jinping hastens construction of 3 Vietnam-China rail routes

President Xi Jinping hastens construction of 3 Vietnam-China rail routes

Chinese President Xi Jinping has called for more substantial cooperation between China and Vietnam, including the pacier implementation of three railway routes linking the two nations.

Infrastructure - Tue, November 19, 2024 | 3:08 pm GMT+7

Vietnam developers offer deferred principal payments, interest support to boost year-end sales

Vietnam developers offer deferred principal payments, interest support to boost year-end sales

Vietnamese housing developers are offering several incentives including deferred principal payments and interest support to stimulate demand and boost liquidity as the year nears its end.

Real Estate - Tue, November 19, 2024 | 2:29 pm GMT+7

Australia's EQ Resources acquires TMG Group with Vietnam-based ferrotungsten factory

Australia's EQ Resources acquires TMG Group with Vietnam-based ferrotungsten factory

Australia-based EQ Resources Limited has acquired its fellow firm Tungsten Metals Group (TMG), which owns and operates the largest ferrotungsten (FeW) factory outside China.

Companies - Tue, November 19, 2024 | 11:00 am GMT+7

Techcom Securities becomes largest broker in Vietnam by capital base

Techcom Securities becomes largest broker in Vietnam by capital base

Techcom Securities JSC (TCBS) has become the largest securities company in Vietnam by charter capital after finishing a rights offering last week.

Finance - Tue, November 19, 2024 | 9:11 am GMT+7

Vietnam airport operator ACV looks to better exploit non-aviation service potential: exec

Vietnam airport operator ACV looks to better exploit non-aviation service potential: exec

Vietnam's airports operator ACV expects to earn $145 million from non-aviation services this year, accounting for around 18.83% of its total revenue, which is modest compared to other countries, said deputy general director Nguyen Duc Hung.

Companies - Tue, November 19, 2024 | 7:45 am GMT+7

The Investor to host seminar on removing legal bottlenecks for infrastructure, property investment

The Investor to host seminar on removing legal bottlenecks for infrastructure, property investment

A seminar themed “Removing legal bottlenecks for infrastructure and property investment” will be organized by The Investor in Hanoi on Tuesday.

Companies - Tue, November 19, 2024 | 7:00 am GMT+7

Indonesia promises Asia-Pacific investors more incentives

Indonesia promises Asia-Pacific investors more incentives

Indonesian President Prabowo Subianto recently told the press that he will create more incentives and expand special economic zones (SEZs) so as to lure investors from Asia-Pacific.

Southeast Asia - Mon, November 18, 2024 | 11:01 pm GMT+7

Indonesia, Brazil enhance aviation cooperation

Indonesia, Brazil enhance aviation cooperation

Indonesia's state-owned aircraft manufacturer, Dirgantara Indonesia (DI), and Brazilian aerospace company Embraer have signed a memorandum of understanding (MoU) to expand collaboration in the commercial aviation sector.

Southeast Asia - Mon, November 18, 2024 | 11:00 pm GMT+7

Indonesia eyes to become member of BRICS

Indonesia eyes to become member of BRICS

Indonesian President Prabowo Subianto has shown his country’s desire to become a member of the BRICS - the alliance of major emerging economies initiated by Brazil, Russia, India, China, and South Africa.

Southeast Asia - Mon, November 18, 2024 | 10:57 pm GMT+7

Former Party chief, chairman of Vinh Phuc province face disciplinary action

Former Party chief, chairman of Vinh Phuc province face disciplinary action

Vietnam’s Central Inspection Committee has proposed disciplining Pham Van Vong, former Party chief of Vinh Phuc, and Phung Quang Hung, former chairman of the northern province, for violations related to Phuc Son Group.

Politics - Mon, November 18, 2024 | 9:17 pm GMT+7

Shaping a waterway into a key shipping channel: Viconship gets dredging nod

Shaping a waterway into a key shipping channel: Viconship gets dredging nod

A major dredging project will allow safer ship navigation and increased cargo transportation capacity on the Hai Phong shipping channel, thereby enhancing competitiveness of Vinconship’s port system, says the company.

Companies - Mon, November 18, 2024 | 7:08 pm GMT+7

Former assistant to State President appointed general director of state-owned financial firm HFIC

Former assistant to State President appointed general director of state-owned financial firm HFIC

Truong Tuan Anh, an official at the State President Office and former assistant to a state president, has been appointed general director of Ho Chi Minh City Finance and Investment Stated-owned Company (HFIC).

Companies - Mon, November 18, 2024 | 5:35 pm GMT+7