Vietnam accounted for 10% of semiconductor chip exports to the U.S. in the 12 months ending this February, ranking third after Malaysia and Taiwan.
The Vietnam chip industry’s revenue from the U.S. market rose by 74.9% during the period, from $321.7 million in February 2022 to $562.5 million this February, according to a report by the Ministry of Information and Communications.
Vietnam is also among the countries with the highest growth rate of chip exports to the U.S., alongside Thailand, India and Cambodia.
Cambodian chip exports to the U.S. grew in value 7-fold over the period, from $20.8 million to $166.3 million, while Indian revenues from the market grew 34-fold to $152 million in February.
In February, semiconductor chip export orders to the U.S. reached $4.86 billion, up 17% year-on-year. Among those, chips made in Asia accounted for 83%.
Bloomberg reported that the U.S. is diversifying its electronics supply chain by reducing the share of chip imports from Malaysia, a longtime powerhouse in chip packaging, alongside moving its iPhone production chain out of China.
At a government meeting in April, Prime Minister Pham Minh Chinh assigned the Ministry of Planning and Investment the tasks of improving the National Innovation Center, and developing a chip production program.
Experts believe Vietnam has the potential to be a global center of chip production if it can utilize its advantages and implement effective strategies, policies, and incentives for the sector.
Intel’s Asia Pacific and Japan General Manager Steve Long told VnExpress last year: “Vietnam can establish the necessary infrastructure and policies to support cutting-edge chip manufacturing.”