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Yellen urges Asia to tap CHIPS Act funds for semiconductors

U.S. Treasury Secretary also says Amkor plans mega chip plant in Vietnam

U.S. semiconductor subsidies aren't just for domestic factories: Washington will pay foreign friends to invest in chips, something Asia should exploit, Treasury Secretary Janet Yellen said in Vietnam. (Photo by Lien Hoang)

HANOI -- Asian countries should invest in semiconductor chips with the help of a half-billion dollar fund from the U.S., Treasury Secretary Janet Yellen said in Vietnam on Friday.

She acknowledged the U.S. can't monopolize the industry, despite passing the CHIPS and Science Act last year to pay companies to build semiconductor factories there. Billions are allocated for manufacturing in the U.S., but Yellen noted the program includes $500 million for similar investments internationally.

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