Vietnam to deploy national strategy on semiconductors in 2024

The semiconductor industry is a fundamental industry and will be a key national industry in the next 30 to 50 years, said Hung in a visit to FPT, the largest information technology service corporation in Vietnam, on February 15.

As long as people use information and data as input factors in production, semiconductor chips are still vital because they play an important role in data processing, he said.

The Ministry of Information and Communication formulated the national strategy on semiconductor development in 2023, aiming to turn Vietnam into a regional hub for the semiconductor industry focusing on design, packaging and testing activities by 2030.

To meet the target, Vietnam will perfect institutions and policies, boost human resource development and research, support startups, and form a national semiconductor chip ecosystem, along with increasing international cooperation.

He hailed FPT’s future development strategy with a primary focus on artificial intelligence, semiconductor chips and automotive, describing it ‘a very correct strategic choice’.

According to the minister, the semiconductor industry forms the core of the digital transformation industry, while digital transformation is the largest market for semiconductor chips. Developing the semiconductor industry will be an opportunity for Vietnam to revive the domestic electronics industry and expand into areas such as telecommunications, consumer electronics, medical electronics, and industrial electronics, especially when particularly when the industry is entering into a transition process towards AI and the Internet of Things (IoT).

Vietnam is a large market of more than 100 consumers that presents a big opportunity for the semiconductor industry to develop, stressed the minister.