US International Technology Security, Innovation Fund debuts in Vietnam

A ceremony was held to announce the establishment of the United States International Technology Security and Innovation (ITSI) Fund in Vietnam on September 11 in Hanoi.

Minister of Planning and Investment Nguyen Chi Dung speaks at the event.
Minister of Planning and Investment Nguyen Chi Dung speaks at the event.

The event was organized by the National Innovation Center in collaboration with the US Department of State, the US Embassy in Vietnam, and Arizona State University.

The ceremony was attended by Minister of Planning and Investment Nguyen Chi Dung and US Ambassador to Vietnam Marc Knapper.

An overview of the event
An overview of the event

In his remarks, Minister Nguyen Chi Dung emphasized that the announcement was a meaningful and practical event, marking the first anniversary of the Comprehensive Strategic Partnership for peace, cooperation, and sustainable development between Vietnam and the United States. It also represented a significant milestone in advancing the project "Developing Human Resources for the Semiconductor Industry by 2030, with a Vision to 2050," which the Ministry of Planning and Investment has developed and submitted to the Prime Minister.

"Beyond cooperation in training and human resource development, Vietnam and the US have agreed to position innovation and high technology—especially the semiconductor industry—as a key pillar of their bilateral partnership," Minister Nguyen Chi Dung stated.

Delegates at the event
Delegates at the event

According to the leadership of the Ministry of Planning and Investment, the announcement not only marks the launch of a new training program following international standards in semiconductor packaging and testing for university faculty and students in Vietnam but also represents a critical step towards enabling Vietnamese mastery of semiconductor technology - a key factor in promoting a breakthrough in the value of Vietnamese people in the socio-economic development strategy.

Expressing gratitude to the US government and all partners who have contributed to the success of this initiative, Minister Nguyen Chi Dung urged continued collaboration from businesses, research institutions, and universities in the US and Vietnam.

"Seize this opportunity with unwavering determination. Together, we can create an environment that fosters innovation, particularly in the semiconductor industry, where bold ideas are cultivated, and Vietnam’s ambitions for developing this sector are brought to life. The full participation of key stakeholders in today’s event underscores the saying: 'If you want to go fast, go alone. If you want to go far, go together,'" emphasized the Minister of Planning and Investment.

Established under the US CHIPS Act of 2022, the ITSI Fund is designed to boost semiconductor capabilities and enhance the resilience of the global semiconductor supply chain.

Vietnam is one of eight strategic countries selected for this initiative, alongside Costa Rica, Mexico, Panama, Indonesia, the Philippines, Kenya, and India. The US Department of State has allocated US$13.8 million to Arizona State University to support talent development and develop public policy recommendations in these countries.

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