The moves by American corporations have shown Vietnam's position in the field that is creating a "big fever" in the world.
'American Eagle' invests heavily
Over the years, the US has actively poured investment capital into Vietnam. According to statistics of According to the Foreign Investment Agency under the Ministry of Planning and Investment, in 2022, the US invested about 748.17 million USD in Vietnam with 91 newly licensed projects, ranking 8th among the total countries investing in Vietnam.
As of February 20, 2023, the total accumulated investment capital from the US to Vietnam reached 11.42 billion USD with a total of 1,223 projects.
By industry and sector, US investors mainly focus on accommodation and food services (accounting for 43.1% of total investment capital), processing and manufacturing industry (32%), water supply and waste treatment (5.1%), and transportation and warehousing (3.9%).
During the complicated COVID-19 pandemic, many large US corporations and enterprises still maintain operations and seek new investment opportunities in Vietnam.
Leading American corporations such as Intel, Coca-Cola, Cargill... are currently "American eagles" in Vietnam with total investment capital of up to trillions of USD.
Responding to Tuoi Tre newspaper, Mr. Kim Huat Ooi - Vice President in charge of Production, Supply Chain and Operations, and General Director of Intel Products Vietnam Company said that by the end of 2021, Intel had invested 1.5 billion USD in Vietnam and will continue to invest in Vietnam.
“We want to continue to invest and that is certainly what Intel will do,” Kim stressed.
Many leading US corporations have poured capital into Vietnam.
In February this year, Reuters news agency reported that the US corporation Intel is considering the possibility of implementing a plan to increase investment and expand its chip packaging and testing plant in Vietnam.
The British news agency commented that Intel's move shows Vietnam's growing position in the global semiconductor supply chain.
Responding to Reuters, Intel representative emphasized: "Vietnam is an important part of our global manufacturing network."
In March this year, a delegation of 52 major US businesses, including Boeing, SpaceX, Netflix, and Apple, came to Vietnam to seek cooperation opportunities in many fields. This was also the largest US business delegation to Vietnam to date.
US Ambassador to Vietnam Marc Knapper emphasized that the arrival of 52 large US corporations in Vietnam demonstrates the commitment of US businesses to investing in Vietnam.
Vietnam's surprising position
Last July, during a meeting with Prime Minister Pham Minh Chinh, US Treasury Secretary Janet Yellen said that the US wants to promote economic and trade cooperation with Vietnam and plans to strengthen supply chain cooperation on the basis of comprehensive and trustworthy partnership.
Besides, Washington is ready to support Vietnam in improving its capacity to produce semiconductor chips and renewable energy.
It can be seen that the US increasingly values Vietnam's position in the global semiconductor production and supply chain.
Previously, in April, Bloomberg reported that in the context of the US's efforts to diversify its chip supply market, Vietnam, along with Thailand, India and Cambodia, are emerging as "winners".
Vietnam and Thailand, the other two major chip markets, have increased their trade with the US in this sector by impressive numbers. Vietnam’s semiconductor materials alone have accounted for more than 10% of US imports for seven consecutive months.
This is an important milestone as the semiconductor industry is seen as a crucial factor for a country's global economic competitiveness in the era of digital transformation and artificial intelligence (AI).
The semiconductor shortage during the COVID-19 pandemic has sent shockwaves through the global economy, choking supplies of everything from headphones to cars.
Vietnam, along with Thailand, India and Cambodia, is emerging as the "winners" in the market for supplying semiconductor chips to the US.
For its part, Vietnam is actively promoting the expansion of its own semiconductor chip manufacturing industry, while at the same time, increasing the attraction of foreign companies in key segments such as assembly; testing and packaging; production lines; and chip design.
Sputnik news agency quoted a US industry representative as affirming that Vietnam is a country with great potential for rapid development in the field of chip assembly and design.
Vietnam can become the world's semiconductor center
Many experts say the door to the global chip manufacturing race is wide open for Vietnam, although there is still much work to be done.
Vietnam is assessed to have the opportunity to become the world's chip manufacturing center if it takes advantage of favorable factors, has appropriate strategies, and has great incentive and incentive policies for the semiconductor sector.
Vietnam has the opportunity to become the world's chip manufacturing center.
In late 2022, Samsung inaugurated a $220 million Research & Development (R&D) Center in Hanoi and announced plans to mass produce chips in Vietnam from mid-2023.
Amkor Technology, a world leader in outsourced semiconductor packaging and testing services, also said it will open a factory in Vietnam later this year.
ISEAS-Yusof Ishak Institute believes that in the context of the global economy becoming more dependent on semiconductors than ever, strategic positioning and continued focus on this field can help Vietnam gain significant benefits.
Notably, by strengthening the domestic training and innovation system and building a clear strategy, Vietnam can turn the "chip fever" into a well-strategized marathon, ensuring its position at the top of the semiconductor revolution.
(According to CafeF/ Market Life)
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