(MPI) - Minister of Planning Investment Nguyen Chi Dung, standing deputy head of the national steering committee for the semiconductor industry development, attended the launching ceremony of the the International Technology Security & Innovation Fund (ITSI Fund) in Hanoi on September 11.

Launching of the International Technology Security and Innovation Fund. Photo: MPI

The event was organized by the National Innovation Center (NIC) in collaboration with the US Department of State, the US Embassy in Vietnam and Arizona State University, drawing the participation of the US Ambassador to Vietnam Marc Knapper.

Speaking at the ceremony, Minister Dung emphasized that this is a meaningful and practical measure to mark the one-year anniversary of the establishment of the Comprehensive Strategic Partnership for peace, cooperation, and sustainable development between Vietnam and the US.

The event also aims to implement the “Developing human resources for the semiconductor industry to 2030, with a vision to 2050” project that the Ministry of Planning and Investment (MPI) has researched, developed, and submitted to the Prime Minister.

The minister also noted that Vietnam is currently one of the fastest-growing digital economies in Southeast Asia, with a strategic geopolitical position, a large and tech-savvy young workforce, and increasingly modern infrastructure, attracting more and more major global technology corporations, particularly in the semiconductor and artificial intelligence industries.

According to Minister Dung, Vietnam and the US boast huge potential for cooperation between in the semiconductor industry and other high-tech sectors, which also plays an important role in the two countries’ diplomatic relations.

He expressed his belief that cooperation in the semiconductor and high-tech fields will open up numerous opportunities for businesses from both countries to leverage and harness each side’s advantages, benefiting enterprises and both nations economically.

The MPI minister urged US semiconductor businesses to continue expanding their investment and business activities in Vietnam; emphasizing that US investment and support in developing Vietnam’s human resources is key to unlocking a brighter and more sustainable future, providing substantial benefits to both nations.

He also affirmed that the Vietnamese Government and the MPI personally commit to supporting and facilitating the investment, business, and innovation activities of U.S. technology companies in Vietnam.

US Ambassador Marc Knapper remarked that today’s event is an important milestone in the bilateral cooperation between Vietnam and the US in the semiconductor industry. He said that the US is proud to invest in Vietnam’s future through workforce development programmes that foster long-term partnerships.

Together, the two countries are building institutions for the future development of the chip and semiconductor industries, offering training programmes that provide the knowledge and experience necessary for growth in this sector, Marc added.

Additionally, cooperation aims to establish a broader ecosystem, particularly connecting Vietnam with the global ecosystem, promoting scientific and technological development, contributing to sustainable growth, and bringing practical benefits to each country.

The International Technology Security and Innovation Fund (ITSI) is a key initiative under the US CHIPS and Science Act, designed to enhance semiconductor capacity and the resilience of global supply chains, ensure technological advancement in the semiconductor sector, and demonstrate a commitment to promoting sustainable development and prosperity through innovation./.

Bao Linh

Ministry of Planning and Investment