Vietnam seeks to lure global businesses to AI, semiconductor manufacturing

The PM, who arrived in Davos on the same day for the 54th annual meeting of the World Economic Forum 2024, briefed the CEOs on Vietnam’s socio-economic development strategy in the coming decades, striving to become a developing economy with a modern industry by 2030 and a developed, high-income country by 2045.

To realize the target, he said Vietnam will mobilize all resources, both locally and externally, for rapid and sustainable development on the back of science -technology, innovation and digital transformation.

Vietnam considers science - technology a top national policy, a main driving force to promote growth, and a decisive factor in improving the competitiveness of the economy, stressed Chinh.

According to the PM, many large corporations in the electronics and semiconductor industry such as Intel, Samsung, Amkor, Qualcomm, Infineon, Marvell, and Hana Micron are planning to expand investment in Vietnam. The CEO of NVIDIA, the world’s leading chip manufacturer, even affirmed that Vietnam would be NVIDIA’s second homeland and the group’s largest center in the world.

Vietnam is deeply integrating into the world economy and has diplomatic relations with more than 190 countries worldwide, including comprehensive strategic partnerships or strategic partnerships with all five permanent members of the UN Security Council, as well as with many G20 countries. The country has signed 16 free trade agreements (FTAs) with more than 60 countries, including many new generation, large-scale, high-quality FTAs, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EEU - Vietnam Free Trade Agreement (EVFTA), and the UK-Vietnam Free Trade Agreement (UKVFTA).

These are important foundations for Vietnam to access new production technology achievements, effectively engage in the global value chain, and renovate sustainable growth and development models, said the PM.

He briefed the CEOs on Vietnam’s efforts in implementing the national strategy on research, development and application of artificial intelligence over the past two years, saying the country has jumped 7 notches up in the Government Artificial Intelligence Readiness Index to 55th out of 181 countries in the world. It has created a favourable environment for many AI businesses around the world to develop in various fields such as health, communications, education, cybersecurity, finance, smart factories, smart cities, and semiconductor technology

As for the auto industry, he said Vietnam has issued the national strategy on green growth for the 2021-2030 period with a vision to 2050, including a roadmap to convert vehicles to electric power and encourage vehicles to use clean, green energy.

With regard to semiconductors, the Vietnamese government is highly determined to pursue and develop an ecosystem for the semiconductor industry. It will soon issue a strategy for developing the semiconductor industry and a project to train 50,000 engineers in this field.

The PM asked corporations and businesses to invest in research and development, master core technology, and apply AI in Vietnam. He encouraged them to support Vietnamese businesses in this process, and at the same time collaborate with universities and research facilities to build engineer training programmes on AI and digital technology solutions.

In his view, Vietnam has many advantages to develop high technology, and apply science - technology and innovation. It will become a trusted partner and an important link in the global semiconductor, automotive technology and AI value chain.

The Vietnamese Government is committed to accompanying, supporting and creating favourable conditions for foreign businesses to successfully invest in the country, he assured the executive business leaders.

During the panel discussion, global leading businesses expressed their desires to cooperate with Vietnam in the fields of AI, automotive technology, semiconductor chips and their ecosystem development.