Vietnam's semiconductor industry revenue is projected to hit $18.23 billion in 2024, marking an 11.5% increase compared to the previous year, stated Minister of Information and Communications Nguyen Manh Hung.

At the recent inaugural meeting of the National Steering Committee on Semiconductor Industry Development, Minister Hung highlighted that Vietnam's semiconductor supply chain is still in its nascent phase. To date, it has attracted approximately 174 foreign direct investment (FDI) projects, totaling about $11.6 billion in registered capital.

Major tech giants are increasingly turning their attention to Vietnam. Most recently, Prime Minister Pham Minh Chinh met with a delegation from the Semiconductor Industry Association (SIA).

In line with the government's ambition to robustly develop Vietnam's semiconductor industry by 2030, Minister Nguyen Manh Hung proposed swiftly establishing an investment support fund and issuing a decree to detail the implementation of the newly revised Investment Law to encourage and stimulate investment in the semiconductor sector.

At the meeting, Minister of Planning and Investment Nguyen Chi Dung stated that his ministry has recently engaged in multiple working sessions with global tech giants such as Qualcomm, Google, Meta, LAM Research, Qorvo, and AlChip to discuss investment opportunities in Vietnam.

Regarding the advantages of developing the semiconductor industry, Minister Dung noted that Vietnam ranks second globally in rare earth reserves and is strategically located in a region that accounts for 70% of the world's semiconductor production.

Vietnam's semiconductor market currently boasts more than 50 chip design companies with a workforce of over 6,000 engineers, seven testing and packaging plants employing about 6,000 engineers, and more than 10,000 technicians.

In September 2024, PM Chinh signed Decision No 1018/QD-TTg, issuing the Strategy for the Development of Vietnam's Semiconductor Industry to 2030, with vision to 2050.