Vietnam's Growing Influence Fuels Increase in US Investment
Vietnam has emerged as a key player in the global economy, particularly in the semiconductor industry, and this has attracted major US companies. US Treasury Secretary Janet Yellen praised Vietnam’s dynamic efforts in driving economic development during a meeting with businesses and the press organized by the US-ASEAN Business Council in Hanoi. Yellen highlighted the growing presence of top US companies like Apple and Google in Vietnam. Over the past two decades, trade between the two nations has seen significant growth, reflecting the increasing import of Vietnamese goods to the United States and the exponential rise in US exports to Vietnam.
The US is pursuing a strategy called “friendshoring” to enhance supply chain resilience and reduce vulnerability to supply shocks. This involves investing domestically to address redundancy in the supply chain. Yellen emphasized the importance of diversified global supply chains and deepening economic integration with trustworthy countries like Vietnam.
The US is also prioritizing the resilience of its semiconductor supply chain, aiming to avoid future disruptions like the global chip shortage experienced during the pandemic. Vietnam has become a crucial node in the global semiconductor supply chain, attracting investments from companies like Amkor and Onsemi. Yellen mentioned the opening of a modern semiconductor factory in Bac Ninh by Amkor and the production of chips used in automobiles by Onsemi in Dong Nai province. Additionally, Intel operates the world’s largest assembly and testing site in Ho Chi Minh City’s High-Tech Park. Many companies investing in Vietnam are also expanding their capacity and creating jobs in the US.
Vietnam and the US are actively collaborating to strengthen sustainable supply chains with other nations. The US is intensifying cooperation with emerging and developing economies, exemplified by its partnership with Vietnam. Yellen mentioned initiatives like the Infrastructure Partnership and Global Investment, aimed at mobilizing infrastructure investment in partner countries. The US is committed to supporting Vietnam’s transition to a zero-net-emission economy by 2050 and addressing coping capabilities and climate change.
In conclusion, Vietnam’s rising role in the global economy, particularly in the semiconductor industry, has attracted increased US investment. The US is focused on enhancing supply chain resilience and deepening economic integration with Vietnam and other trustworthy countries. Collaboration between Vietnam and the US extends to strengthening sustainable supply chains and addressing climate change.