Vietnam reminds US it wants support for semiconductor development

Minister of Industry and Trade Nguyen Hong Dien on Wednesday called on the U.S. to form joint task forces for the industry and sought its assistance in drafting policies and a legal framework for it, training and connecting businesses in the two countries at a meeting with Assistant Secretary of State for Economic Energy & Business Affairs Jose W. Fernandez.

Fernandez, responding positively to Dien’s request, sought deeper discussions about areas in which the U.S. wants to invest in Vietnam such as energy and manufacturing.

Earlier, in September, Prime Minister Pham Minh Chinh had successfully solicited U.S. support for developing the semiconductor industry at a meeting with U.S. President Joe Biden.

U.S. chip imports from Vietnam surged 74.9% year-on-year to $562.5 million in February, according to a report by the Ministry of Information and Communications.

Vietnam ranks third behind Malaysia and Taiwan in chip exports to the U.S.

Vietnamese officials have repeatedly described semiconductor manufacture as a key industry and sought foreign investment.

The government has identified the National Innovation Center and three high-tech industrial parks in Ho Chi Minh City, Hanoi and Da Nang City as potential locations for investors.

At the meeting Dien also called on the U.S. to soon recognize Vietnam as a market economy and treat it fairly based on World Trade Organization provisions in trade defense investigations.

Vietnam is ready to offer U.S. businesses the most favorable investment environment, he promised.