U.S. President Joe Biden’s recent state visit to Vietnam has sparked hopes for a significant upswing in investment activity, particularly in the semiconductor industry. Biden’s Vietnam visit marked a milestone as the two nations elevated their bilateral relations to a comprehensive strategic partnership. The upgrade of bilateral ties is highly expected to further advance the economic development of both countries, especially in science, technology and innovation. Opportunities in digital, science, and innovation cooperation In a joint communiqué, Party General Secretary Nguyen Phu Trong and President Joe Biden commit to enhance cooperation in science, technology, innovation, and digital transformation, marking a significant stride in their bilateral ties. Acknowledging Vietnam’s potential to become a cornerstone in the semiconductor industry, the two leaders support the rapid development of a semiconductor ecosystem in Vietnam, aiming to elevate the country’s position in the global semiconductor supply chain. To kickstart this endeavor, the U.S. Government will provide initial seed funding of US$2 million, with additional support anticipated from the Vietnamese Government and the private sector. With the U.S. having a robust technology and service sector, experts view these actions as a pivotal moment for Vietnam as it enters the multi-billion-dollar semiconductor industry, which holds far-reaching implications. […]
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