US launches international technology security and innovation fund in Vietnam

By Thy An September 13, 2024 | 02:00 am PT

The United States and Vietnam marked the first anniversary of their comprehensive strategic partnership with the launch of a new fund focused on workforce development and public policy in the semiconductor industry.

The U.S. International Technology Security and Innovation (ITSI) Fund was officially launched in Hanoi on Sept. 11.

The event, organized by the National Innovation Center (NIC) in collaboration with the U.S. Department of State, the U.S. Embassy in Vietnam, and Arizona State University (ASU), also featured participation from several educational institutions testing new training programs that meet international standards for semiconductor packaging and testing.

This initiative represents a significant advancement for Vietnam, enhancing its position in the semiconductor industry while simultaneously developing its workforce and public policy framework.

The symposium announced the launch of the U.S. International Technology Security and Innovation Fund in Vietnam. Photo courtesy of ITSI

At the event, Minister of Planning and Investment Nguyen Chi Dung emphasized that, in the long term, Vietnam could bolster its international standing in the semiconductor supply chain, making semiconductors a cornerstone of the cooperative relationship between Vietnam and the United States.

He reiterated the Vietnamese government and the Ministry of Planning and Investment's commitment to supporting and facilitating the investment, business, and innovation activities of U.S. technology companies in Vietnam.

U.S. Ambassador to Vietnam, Marc Knapper, highlighted the importance of the initiative, stating that the United States is proud to work with Vietnam towards sustainable development through high-quality workforce training.

He expressed confidence that Vietnam and the U.S. could shape the semiconductor industry for many years to come.

The U.S. Ambassador to Vietnam believes that the nations will effectively collaborate in the coming years, making breakthroughs in the semiconductor industry. Photo courtesy of ???

Marc Knapper, the U.S. Ambassador to Vietnam, speaks at the event. Photo courtesy of ITSI

These efforts align with Vietnam’s long-term goals of positioning itself as a leader in technology and innovation.

By nurturing talent and enhancing the cooperative policy framework, Vietnam aims to attract more key partners and contribute to the development of the global semiconductor ecosystem.

Vietnam is anticipated to emerge as a leading nation making breakthroughs in the semiconductor industry in the coming years.

It is one of eight strategic countries selected for this initiative, alongside Costa Rica, Mexico, Panama, Indonesia, the Philippines, Kenya, and India.

The U.S. Department of State has awarded Arizona State University $13.8 million to promote talent development and provide public policy recommendations in these countries.