Vietnam invited the US to provide policy guidance, cooperate in training human resources, and facilitate business connections to foster the development of the semiconductor industry.

Overview of the meeting. Source: MOIT

Minister of Industry and Trade Nguyen Hong Dien made the request at a meeting with US Under Secretary of State for Economic Growth, Energy, and the Environment Jose W. Fernandez on November 15 on the sidelines of APEC Economic Leaders' Week in San Francisco.

During the meeting with Fernandez, Minister Dien reiterated the proposal for both countries to promptly establish a working group to enhance collaboration in the semiconductor field and advance the basic industry in Vietnam.

Fernandez agreed with these proposals and expressed his desire to have more in-depth discussions on matters of interest to American businesses, focusing on priority investment areas in Vietnam, such as energy and industry.

US President Joe Biden pledged to help Vietnam advance chip, semiconductor, and innovation technology during his visit to the country in September.

Data from the US Census Bureau showed that Vietnam's chip exports to the US increased by nearly 75% in a year, reaching $562.5 million in February.

Vietnam, along with several Asian countries, has entered the list of the top fastest-growing semiconductor markets, as reported by Bloomberg. Technavio, a technology research and consulting company, predicts that Vietnam's market could reach $6.16 billion by 2024.

To leverage the country's advantage in attracting American investors to the semiconductor industry, Dien noted Vietnam is formulating a semiconductor industry development strategy through 2030, with a vision for 2035. The strategy focuses on actively participating in the regional semiconductor ecosystem and attracting global businesses to invest in the country.

"Additionally, Vietnam has established the National Innovation Center (NIC) and three high-tech parks in Ho Chi Minh City, Hoa Lac (Hanoi), and Danang, all of which are ready to welcome investors," he said.

At the meeting, Dien also urged the US State Department to take steps to facilitate the review process and promptly recognize Vietnam as a country with a market economy.

He emphasized Vietnam's commitment to creating an open business environment and providing the most favorable conditions for businesses from both countries to seize market opportunities through bilateral cooperation.