Talking to Saigon Giai phong newspaper, Huy provided specific details about cooperation agreements signed between Vietnamese government agencies and U.S. corporations during Prime Minister Pham Minh Chinh's recent official visit to the U.S., which focus on enhancing design capabilities, product development, and training human resources serving the semiconductor industry.

Production activities at UMC Vietnam Electronics Co., Ltd.  - a FDI enterprise in Tan Truong Industrial Park in Hai Duong province (Photo:

NIC has signed three significant memorandums of understanding (MOUs) with U.S. partners, Huy said.

Among them, the MoU with Synopsys aims to support the development of a chip design incubation center.

Meanwhile, the MoU with Cadence Design Systems Inc was designed to promote the semiconductor and electronics industry in Vietnam. Through this collaboration, NIC will provide Vietnamese universities, training centers, and startups with the necessary technology and training programs to design and develop semiconductor products.

Through the MoU with Arizona State University (ASU), NIC and the university will collaborate with Vietnamese research institutes or other educational organizations to develop training programs and exchange research related to semiconductors and relevant fields, seek and leverage appropriate sources of funding to improve the capacity of workforce in the semiconductor industry, he said.

Huy also underlined the great potential for Vietnam to lure more investment from the world’s largest economy, saying that the presence of high-tech "eagles" will attract satellite businesses, thereby forming and expanding a technology ecosystem, creating a spillover effect.

During the last three years, the U.S., with a 17% market share, has become the largest foreign direct investor in the ASEAN region. A significant portion of foreign direct investment (FDI) from the U.S. has been poured into advanced manufacturing sectors.

Established in 2019, NIC works to support and develop Vietnam's startups and innovation ecosystem, contributing to modernizing the country's growth model by leveraging science and technology, Huy said.

He said in October, NIC will inaugurate its new research center covering an area of nearly 5ha the Hoa Lac High-Tech Park in Hanoi, which will comprise a chip design incubation center equipped with advanced technologies from major partners of NIC.

Businesses and partners participating in NIC's innovation ecosystem will enjoy various preferential policies related to taxes, land, and visa, he noted.

Huy, however, stressed the need to take measures to address challenges related to mobilizing venture investment capital, and funding from the community for innovation activities.

It is also crucial to solve bottlenecks in the investment climate and legal frameworks for venture capital activities in Vietnam, thus encouraging venture capital funds to invest in businesses, startup projects and innovation initiatives, he went on.

Source: VNA