Vietnam, Singapore seek cooperation in semiconductor

Vietnam and Singapore hold great potential and cooperation opportunities in the field of semiconductor, given that Singapore has rich and advanced experiences in this field, according to Vietnamese Ambassador to Singapore Tran Phuoc Anh.

Addressing a hybrid seminar in Singapore on March 24 to introduce Vietnam's potential, advantages, and development strategies for the semiconductor industry, the ambassador said the Vietnam Government considers the semiconductor industry as a key sector in the national economic strategy. The industry's annual revenue is expected to exceed $25 billion, with an annual value-added growth rate of 10-15% in the 2024-2030 period.

The seminar, co-organized by the Vietnam Trade Office in Singapore and the Singapore Semiconductor Industry Association (SSIA), attracted numerous investors and industry partners, including representatives from the International Semiconductor Industry Group, Qualcomm, and Marvell.

SSIA Executive Director Ang Wee Seng said that cross-border collaboration will be key to unlocking the next growth opportunities as Vietnam is an emerging player in the industry, with a market size exceeding $18 billion in 2024 and projected to rise to over $31 billion by 2029.

Vietnam is rapidly becoming a key destination for investments in innovation, manufacturing, and semiconductors, backed by strong government commitments, an improved business environment, and the country’s strategic positioning in the regional supply chain, he said.