For any small or middle power looking to emerge as a strong contender within the complex global semiconductor value chain evolving around the US-China tech rivalry, four central prescripts from Vietnam’s approach are noteworthy.1. Build the basicsOver the past decade, Vietnam has focused on building a strong base in assembly, testing and packaging (ATP), the last stage of the semiconductor value chain before chips are shipped to customers. Vietnam made its name as a “reliable backend” by attracting investments from global leaders such as Intel, while also encouraging foreign investments in local companies for ATP. This strong backend is the fundamental...