Vietnam boasts opportunities to develop semiconductor industry

Vietnam has many opportunities to develop its semiconductor industry, Minister of Planning and Investment Nguyen Chi Dung told the Vietnam Business Summit (VBS) 2023, which opened in Hanoi on September 29 and aimed to connect Vietnam with the semiconductor ecosystem in Southeast Asia.

The country has identified high technology, particularly the semiconductor industry, as a breakthrough sector that will create opportunities for local businesses to more thoroughly join global value chains.

Over recent years it has promoted the comprehensive development of an innovation ecosystem, creating an environment for scientific and technological research, development, and application, Minister Dung added.

He emphasized that Vietnam has many opportunities to develop its semiconductor ecosystem, including a stable political system and a favorable geographic location.

The Vietnamese Government has paid major attention to nurturing cooperation and investment in developing its semiconductor industry, he said, and has assigned the Ministry of Planning and Investment in cooperation with relevant ministries and agencies to build an action plan and development strategy for the sector.

A human resources development master plan has also been created, with the aim of training 50,000 engineers for the industry by 2030.

Minister Dung also noted that Vietnam has attracted investment from giant corporations in the field in countries and territories such as the US, South Korea, and Taiwan (China).

Vietnam has developed a range of incentives to attract semiconductor companies and corporations, he added.

The country has established a National Innovation Center and three high-tech parks in Ho Chi Minh City, Hanoi, and Da Nang, which have highly preferential mechanisms and stand ready to welcome investors in the semiconductor industry.