The shortage of qualified workforce and the absence of a proper regulatory framework for renewable energy systems within semiconductor supply chains are few of the hurdles identified by Jose Fernandez,the United States Under Secretary for Economic Growth, Energy, and the Environment, for the US companies interested in investing in Vietnam’s semiconductor industry.
He revealed this during his recent visit to Vietnam to advance the implementation of the Comprehensive Strategic Partnership between the US and Vietnam.
Fernandez highlighted the significance of diversifying semiconductor supply chains, noting Vietnam’s inclusion among the seven countries receiving funding from the International Technology Security and Innovation Fund (ITSI) established under the 2022 Act ‘Creating Helpful Incentives to Produce Semiconductors and Science’ (CHIPS Act). He stressed upon the importance of developing the semiconductor workforce in Vietnam, with the US committing to support the training of over 50,000 engineers in the field.
Furthermore, Fernandez shared insights from discussions with US businesses regarding their concerns about renewable energy policies in Vietnam. Many companies have committed to using only renewable energy but face challenges in obtaining permits to establish renewable power systems in Vietnam.
He emphasized the opportunity for Vietnam to simultaneously drive semiconductor development and address climate change vulnerabilities by facilitating renewable energy policies.
As per reports, during the meetings with Vietnamese officials, including Prime Minister Phạm Minh Chính and Minister of Planning and Investment Nguyễn Chí Dũng, Fernandez highlighted the importance of improving Vietnam’s business environment and regulatory frameworks to attract semiconductor investment. However, the US government cannot dictate companies’ decisions, it can collaborate with Vietnam to enhance its energy regulations and business environment.
Fernandez highlighted Vietnam’s advantages, including a young and skilled workforce, a large domestic market, and an exporting culture, aligning with US goals of diversifying supply chains. He urged Vietnam to seize the moment and capitalize on opportunities to attract semiconductor investment, reaffirming the US commitment to supporting Vietnam’s economic growth and prosperity.
