US Envoy Promotes Viet Nam Investment

Under Secretary of State for Economic Growth, Energy, and the Environment Jose W. Fernandez met with Vietnamese Prime Minister Pham Minh Chinh in Hanoi on January 25, 2024.

 

In their meeting, Under Secretary Fernandez "reaffirmed the United States as an enduring partner" and expressed support for the rapid development of Vietnam’s semiconductor ecosystem as part of the U.S.-Vietnam Comprehensive Strategic Partnership. 

 

This effort includes cooperation to launch workforce development initiatives.  "The US will work with Việt Nam in supporting Vietnamese schools to have over 50,000 engineers in this field in the next few years.  That's important for Việt Nam's development of a semiconductor industry," Mr. Fernandez stated.

"There are companies right now that are telling us that they want to invest in Việt Nam, but they're having trouble finding the qualified workforce, and this is not just limited to Việt Nam. In the US, we have the same issue. We have companies that have said we are ready to invest. We have the funding, but we can't find the qualified workforce. We will work with Việt Nam on the improvement of their workforce."

He stressed the need to diversify the supply chains, adding that Việt Nam has been one of the seven countries around the world that has received the funding from the International Technology Security and Innovation (ITSI) Fund (established under CHIPS Act).

Under Secretary Fernandez noted Vietnam’s ambitious goal to achieve net zero emissions by 2050. The Under Secretary highlighted that the United States and its private sector partners stand ready to assist Vietnam in accelerating its just energy transition "while stressing the need for an updated and modernized regulatory framework on energy."

 

 

"Việt Nam is right now one of our largest trading partners, eighth largest. We are the largest export market for Việt Nam. Việt Nam is our ninth largest agricultural market. But it is not only about economics, it's also about people to people ties. And something that I was struck by is the fact that Việt Nam right now is the fifth largest country in terms of foreign students in the US,"  Mr. Fernandez said.