The government has come under pressure to allow private firms to buy vaccines, and said while it welcomes the idea and is willing to help.
A good method is for the government to, under this framework, authorise TSMC and the Yonglin Education Foundation to buy them and then donate to the government.
Semiconductors are an essential part of modern tech from smartphones to games consoles and new cars, with the auto industry one of the hardest hit by the shortage.
It cited Alice Cheng, an executive at the science park administration, as saying that most companies there have backup systems in the event of power failure.
The operations of TSMC, whose clients include Apple Inc and Qualcomm Inc, are being closely watched by its customers and investors due to a global shortage of chips for everything from cars to washing machines.
TSMC, like other technology firms, has benefited from the work-and-study-from-home trend during the COVID-19 pandemic, as people rushed to buy laptops, tablets and other equipment.
"First of all I believe that our whole semiconductor ecosystem is very good, and secondly our manufacturers are awesome, and are continually advancing their technology," she said.
Taiwan's export orders are a leading indicator of demand for Asia's exports and for hi-tech gadgets, and typically lead actual exports by two to three months.
Taiwan's tech firms have benefited from soaring demand for chips that go into laptops, tablets, smartphones and other products to support the work.
It also approved the provision of a guarantee to wholly-owned subsidiary TSMC Global for its issuance of US dollar-denominated senior unsecured corporate bonds not to exceed $4.5 billion.
Taiwan's economy grew at its fastest pace in almost a decade in the fourth quarter after contracting earlier last year. For 2020, initial GDP growth was put at 2.98%, higher than China's 2.3% rise last year..
"I see how busy they are. I think there's an opportunity for it to exceed 4%," she said.
Automakers around the world are shutting assembly lines due to the shortages, which in some cases have been exacerbated by the former US administration's actions against Chinese chip factories.
Japanese stocks also tracked the US market, which ended lower on Thursday ahead of President-elect Joe Biden's announcement of a stimulus package designed to jump-start the economy.
Third Point's letter said Intel should consider outsourcing its manufacturing operations to keep pace with rivals in the sector such as Taiwan-based TSMC and South Korean giant Samsung, among others.