Deputy Secretary of State: “Vietnam is among the potential countries that can benefit from the CHIPS Act aid fund”

According to Jose Fernandez, the U.S. Deputy Secretary of State for Economic Growth, Energy, and the Environment, Vietnam is one of the top countries that can benefit from the $52 billion CHIPS Act.

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Image source: U.S. Embassy Hanoi

Nikkei Asia reported that the United States is planning to invest in the chip sector in Vietnam to strengthen the supply chain. During a recent visit to Vietnam, Jose Fernandez, Deputy Secretary of State for Economic Growth, Energy, and the Environment, revealed plans to target 7 countries for investment under the $52 billion CHIPS Act. Of this, $500 million would be used to enhance semiconductor training, cybersecurity, and global business environment.

“After reviewing a list of countries that could benefit from U.S. support, Vietnam is one of the countries at the top of our considerations”, Deputy Secretary Jose Fernandez shared.

Furthermore, Deputy Secretary Jose Fernandez also emphasized that Vietnam should act sooner rather than later to attract investment in important industries such as clean energy and mineral resources used for electric vehicle and battery production.

He said he discussed renewable energy issues with Vietnamese leaders. He noted that licensing issues could hinder up to $8 billion of U.S. investment, including commitments by chip companies to use clean energy.

It is known that the distribution of aid under the CHIPS Act is expected to take place in February, based on a survey of the needs of Vietnamese companies to develop the semiconductor industry, such as training.

“There is a global thirst for critical minerals. This is an opportunity. Vietnam has the potential to become an even larger manufacturing hub”, the Deputy Secretary of State emphasized.

He further said that the country’s young workforce is an asset and he told students during his visit, “Seize this advantage because it may not be here forever”.

Source: Nikkei Asia

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