Vietnam up for Chips Act money

Vietnam could receive money from the US Chips and Science Act, according to  Jose Fernandez, U.S. undersecretary of state for economic growth, energy and the environment.

Under the Act, $500 million has been earmarked for  improving semiconductor training, cybersecurity and business climates globally, said Fernandez on a trip to the country reported by the Nikkei.

Seven countries have been tagged as possible recipients including Vietnam.

In February, the OECD will make recommendations as to which countries should receive the investments.

Vietnam is the third largest exporter of semiconductors to the US after Malaysia and Taiwan. 

Its semiconductor industry is expected to have revenue of $20 billion this year and to have a 9.62% CAGR 2024-27.

The country has the world’s second biggest reserves of rare earth metals and the US is anxious to acquire a reliable source of them.

See also: US and Vietnam to hook up on semis