Vietnam has been undergoing a strong transformation to become a major global manufacturing hub, with its businesses producing a wide range of products at competitive prices and increasingly improved quality, the Government News quoted Deputy Minister of Industry and Trade Do Thang Hai as telling the Vietnam - US Trade Forum on November 21.

“After Covid-19 and amid recent political and economic uncertainties worldwide, many corporations and retail and wholesale distribution channels are actively diversifying and ensuring sustainable supply sources, and choosing Vietnam as a strategic location in the global supply chain,” the Deputy Minister said.

He stressed that the official elevation of Vietnam - US relationship to a Comprehensive Strategic Partnership will create unprecedented opportunities to launch new, breakthrough areas of cooperation, building Vietnam’s internal strength to truly participate in global value chains.

“Specifically, it is essential to bolster the involvement of Vietnamese businesses in supplying materials, components, and equipment for the energy sector, aviation, the digital economy, the semiconductor ecosystem, AI applications, and more,” he added.

Many US companies in various sectors are targeting the Vietnamese market, especially in the semiconductor and mining industries. The US Government has developed detailed action plans to enhance the recovery of semiconductor supply, said US Consul General in Ho Chi Minh City Susan Burns.

Accordingly, the US Government has established a $100 million fund to support the development of the global semiconductor ecosystem.

Ms. Burns said that within the framework of the Forum, the US sought to assess Vietnam’s capabilities in semiconductor development, which will be used as a basis for building and promoting the development of the semiconductor and mining ecosystems.

In terms of the mining sector, Vietnam is evaluated as having the second-largest reserves of rare earths after China, which have not yet been exploited. Therefore, the US will cooperate with Vietnam to diversify the supply chain and attract US investment for exploitation, Ms. Burns added.