Chairman of Provincial People's Committee attends opening ceremony for U.S. International Technology Security and Innovation (ITSI) Fund in Vietnam

Chairman Vuong Quoc Tuan and delegates press the button to launch the Fund.

The ITSI Fund is a key initiative of the US CHIPS and Science Act designed to enhance semiconductor capabilities and supply chain resilience worldwide. Vietnam is one of eight strategic countries selected for this initiative, along with Costa Rica, Mexico, Panama, Indonesia, the Philippines, Kenya, and India. The US Department of State has awarded Arizona State University USD 13.8 million to promote talent development and develop public policy recommendations in these countries.

The ceremony is a practical and meaningful activity to celebrate the first anniversary of the establishment of the Comprehensive Strategic Partnership for peace, cooperation and sustainable development between Vietnam and the United States. This is an important milestone in the roadmap to implement "Developing human resources for the semiconductor industry to 2030, with a vision to 2050" project that the Ministry of Planning and Investment has researched, developed and submitted to the Prime Minister.

In addition to cooperation activities in training and developing human resource, Vietnam and the United States have agreed to make innovation and high technology, especially the semiconductor industry, an important pillar in the bilateral cooperation relationship.

Speaking at the ceremony, Chairman Vuong Quoc Tuan emphasized that Bac Ninh plays an important role in the Capital region, is one of the 7 key provinces of the North; with a favorable geopolitical position, a synchronous transport infrastructure system, quality human resources and attractive, dynamic and creative incentive policies, in recent years, Bac Ninh has always been in the top of the country in attracting foreign investment and is the industrial capital of the Northern provinces.

To date, Bac Ninh has attracted more than 2,400 FDI projects with a total investment capital of about USD 29 billion from 41 countries and territories in 16 industries and fields, focusing mainly on the manufacturing and processing industry and electronics industry. Of which, the United States has 21 projects with a total investment of USD 1.8 billion, typically Amkor Technology, Inigen, C&D Tech Vina... In the semiconductor sector, in 2 years (2023 - 2024), the total investment attraction value of Bac Ninh province reached about USD 3 billion.

According to the Provincial Planning for the period of 2021 - 2030, with a vision to 2050, Bac Ninh focuses on deepening its industrial development. The goal is to prioritize the development of certain industries by 2030, including the production of electronic devices, the production of high-tech equipment, pharmaceuticals, and medical industrial equipment. By 2050, Bac Ninh aims to become a high-tech innovation and research and development (R&D) hub in Southeast Asia.

Along with the readiness of industrial park infrastructure, electricity, water supply systems, transportation, logistics, social infrastructure such as expert housing, worker housing, Bac Ninh always focuses on developing quality human resources. The province is committed to always support and accompany businesses, ready to work with other service providers to support investors.

Chairman Vuong Quoc Tuan hoped that the ITSI Fund would play an important role in promoting and supporting Bac Ninh in innovation, research and training in the semiconductor field.