According to a US Ambassador, US companies seek to solve supply chain threats by investing in fabricating microchips in Vietnam, maybe in collaboration with South Korea.
“The CHIPS Act and the potential products it can manufacture are of great interest. The biggest export market for Vietnam is the US, ” according to the US Ambassador. We have a powerful triangular trade.
The US ambassador mentioned that the US and Vietnam record 130 billion dollars of bilateral trade volume yearly, ranking Vietnam as the US’s eighth-largest trading partner globally.
The US Ambassador also stated that components for Boeing 737 jets and 70% of one of South Korea’s industries phones sold in the US are produced in Vietnam.
Congress approved the CHIPS Act in July 2022 to bolster domestic semiconductor manufacturing and United States microchip supply networks.
According to the Semiconductor Industry Association, the percentage of modern semiconductor manufacturing capacity located in the United States has decreased from 37% in 1990 to 12% today.