Vietnam Emerges as Top Asian Market for US Chip Diversification

The global semiconductor industry has been experiencing rapid growth and innovation over the years. The United States, being one of the biggest markets for semiconductors, has been diversifying its electronics supply chain by shifting manufacturing from traditional markets to emerging ones. This shift in strategy has brought about a new set of top beneficiaries, with Vietnam emerging as one of the top four Asian markets for US chip diversification.

According to data released by the U.S. Census Bureau, the top four Asian markets leading US chip diversification are Thailand, Vietnam, India, and Cambodia. The US chip imports rose 17 percent year on year in February to US$4.86 billion, of which imports from Asia accounted for 83 percent, according to Bloomberg.

Imports from India saw unprecedented growth, with the turnover increasing 34 times to reach $152 million. Similarly, imports from Cambodia also climbed impressively by nearly seven times to achieve a figure slightly higher than the import turnover of $166 million from Japan, the traditional chip manufacturing market.

Vietnam and Thailand have also been making significant contributions to the US chip diversification strategy. Both countries have much-growing slices of the chipmaking market and have increased their US trade in the sector by 75 percent and 62 percent, respectively. Vietnam has made up over 10 percent of US chip imports for seven straight months, solidifying its position as a leading Asian market for US chip diversification.

These trends indicate that the US is diversifying its electronics supply chain by shifting manufacturing from traditional markets to emerging ones. This is why, while Malaysia, one of the world’s leading factories in chip packaging, continues to top the list of chip suppliers to the US, its market share fell to 20 percent of total US imports in February.

Vietnam, on the other hand, has been making significant strides in the semiconductor industry. The Vietnamese Prime Minister Pham Minh Chinh has tasked the Ministry of Planning and Investment with drafting a resolution and a program on chip production while presiding over the cabinet meeting in Hanoi. The country has become a center of the semiconductor industry, with Samsung announcing a plan to produce semiconductors at its factory in northern Thai Nguyen Province from July next year, pouring in an additional $920 million. The country is also home to Intel’s largest assembly and testing factory with an investment of $1.5 billion.

In conclusion, the US chip diversification strategy is bringing about a new set of top beneficiaries, with Vietnam emerging as one of the top four Asian markets. The shift in strategy to emerging markets reflects the growing importance of the semiconductor industry in the global economy. Vietnam’s position as a leading Asian market for US chip diversification is expected to bring about more investments in the country, leading to further growth and development of the semiconductor industry in Vietnam.

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