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Prime Minister Pham Minh Chinh embarked on a visit to a semiconductor facility, an emblematic venture backed by the Republic of Korea (RoK) marking the debut of semiconductor chip production in northern Vietnam. Situated within the Van Trung industrial park in Viet Yen district, Bac Giang province, this factory signifies a pivotal leap forward in the region’s technological landscape.
Specialising in the critical packaging and testing phases of semiconductor chip manufacturing, the company represents a monumental investment of US$ 600 million. Anticipating an impressive revenue projection of US$ 300 million for 2023, the company is poised for exponential growth. Plans are underway to amplify this investment to over US$ 1 billion by 2025, with an ambitious revenue target of US$ 800 million and the promise of job opportunities for over 4,000 individuals.
Parallel to its Bac Giang establishment, the company is concurrently operating another manufacturing unit in Bac Ninh, fortifying its technological footprint within Vietnam.
Prime Minister Chinh commended the strategic investment made by the company, underscoring its pivotal role in nurturing Vietnam’s semiconductor industry. He reiterated Vietnam’s call for industry giants to consider investing in the country, fostering a comprehensive ecosystem across all phases of semiconductor production.
Acknowledging the commendable pace of progress exhibited by the company amidst global supply chain challenges, the Prime Minister urged the company to sustain its long-term commitment to Vietnam. Encouraging expanded investments and heightened involvement in social welfare initiatives, he expressed hope for increased localisation of product manufacturing and emphasised the significance of technology transfer to domestic counterparts.
Highlighting the robust collaboration between Vietnam and the RoK, Prime Minister Chinh proposed the integration of capable Vietnamese professionals within the company’s management structure.
Assuring unwavering support, the Prime Minister pledged the government’s dedication to safeguarding the rights and interests of foreign investors. He reaffirmed the government’s openness to investor feedback, promising policy adjustments to ensure an optimal investment environment and comprehensive support.
This visit by Prime Minister Chinh serves as a testament to Vietnam’s commitment to fostering technological advancements, leveraging strategic collaborations, and propelling the nation toward becoming a global hub in the semiconductor industry.
In line with the collaborative vision established in the joint declaration between Vietnam and the United States, OpenGov Asia reported on a concerted effort to bolster the semiconductor industry. Vietnam is actively fine-tuning a streamlined mechanism, crafting a comprehensive human resources development blueprint, and establishing the National Innovation Centre (NIC) within Hanoi’s Hoa Lac Hi-Tech Park.
The Ministry of Planning and Investment (MPI), in partnership with NIC and the U.S. Semiconductor Industry Association (SIA), convened a significant roundtable discussion in Hanoi. The primary focus was an evaluation of Vietnam’s infrastructure readiness to accommodate the burgeoning semiconductor industry.
Minister Nguyen Chi Dung of the Planning and Investment Ministry emphasised Vietnam’s robust readiness to engage in collaborative investment endeavours within the semiconductor realm. The nation is actively extending the most favourable terms for cooperation to foreign entities, aligning with the objectives outlined in the collaboration agreement between Vietnam and the United States. This proactive stance positions Vietnam as an attractive hub for semiconductor industry partnerships.
