The US State Department has joined forces with the Government of Vietnam to grow and diversify the global semiconductor ecosystem under the International Technology Security Innovation (ITSI) Fund, created by the CHIPS Act of 2022.
As a first step, this partnership will conduct a comprehensive review of Vietnam’s current semiconductor landscape, regulatory framework, and infrastructure requirements to identify areas of collaboration.
According to global data company Statista, Vietnam’s semiconductor market is projected to reach $17.24bn in 2023. The US also recognises the country’s semiconductor market as both diverse and resilient.
In August 2022, President Biden signed into law the CHIPS Act of 2022, which allocated new funding to bolster domestic semiconductor manufacturing and research in the US.
The CHIPS Act of 2022 established the ITSI Fund, providing the US Department of State with $500m to advance the development and adoption of secure and trustworthy telecommunications networks and to enhance semiconductor supply chain security and diversification through new programs and initiatives in collaboration with allies and partners.
While the implementation of the new law is ongoing, and no funds have been, numerous companies in the semiconductor industry have announced substantial projects in the US, amounting to hundreds of billions of dollars in private investments, in anticipation of CHIPS Act incentives.
The Semiconductor Industry Association (SIA) reported that global semiconductor industry sales totalled $43.2bn in July 2023, marking a 2.3% increase compared to June 2023 but an 11.8% decrease from July 2022, which reached $49bn.
John Neuffer, President and CEO of SIA, noted that the global semiconductor market has witnessed consistent, albeit modest, month-to-month growth throughout the year. July’s figures represent the fourth consecutive month of sales growth.
He further commented, “Global sales remain below last year’s levels, but the year-to-year decrease in July was the smallest gap observed thus far this year, offering optimism for the remainder of 2023 and beyond.'”
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