Vietnam ready to welcome “eagles” in electronics, semiconductor industry
Vietnam has prepared necessary conditions to attract “eagles” worldwide in the electronics and semiconductor industry, Deputy Minister of Planning and Investment Tran Duy Dong told the Vietnam Global Manufacturing Forum 2024 (VGMF2024) in Hanoi on March 26.
Dong highlighted the country's strong infrastructure, research and development incentives, and skilled workforce as key advantages for investors.
With the global electronics and semiconductor market expected to surpass 1 trillion USD by 2030, he said the Vietnamese Government and Prime Minister are directing the Ministry of Planning and Investment (MPI), relevant ministries and agencies to prepare the best conditions to welcome incoming investments.
According to the official, Vietnam is currently among the top 40 economies in the world in terms of GDP with over US$430 billion and the top 20 economies in international trade and foreign direct investment. The nation prioritises projects in hi-tech fields like electronics, semiconductors, innovation and renewable energy. It also seeks to develop international financial centres, modern services and trade, infrastructure, research and development.
Dong also revealed an MPI-developed human resource development scheme specifically for the semiconductor industry. This scheme, targeting the training of 50,000 engineers by 2030, will be submitted to the PM for approval in the near future.
The National Innovation Centre (NIC), managed by the MPI, will focus on smart factory and urban development, digital communication, environmental technology, cybersecurity, semiconductor industry, hydrogen and healthcare. Notably, the NIC has already secured partnerships with US chipmakers Synopsys and Garden to establish a facility dedicated to chip research and design.
Furthermore, the MPI is drafting a decree on an investment support fund, offering substantial financial assistance for hi-tech, electronics and semiconductor sectors. This decree will be submitted to the Government for issuance soon.
Tran Tuan Anh, Deputy Director of the Hanoi Industrial and Export Processing Zones Authority (HIZA), unveiled the city’s goal of establishing 2-5 new industrial parks by 2025 to draw more investors, especially those using modern, clean and eco-friendly technologies and producing highly competitive products to integrate seamlessly into the global value and supply chains.
