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Vietnam is poised to emerge as a significant player in the global semiconductor industry, according to Minister of Planning and Investment Nguyen Chi Dung. In a recent interview with Vietnam News Agency, Minister Dung emphasised Vietnam’s determination to create an environment conducive to semiconductor investment, citing the nation’s political stability, strategic geographical location, investment incentives, abundant human resources, and robust digital infrastructure as key factors propelling its semiconductor industry forward.
With a focus on innovation and technology-driven growth, Vietnam aims to position itself as a reliable partner and a crucial link in the global semiconductor value chain. The government has been actively working to attract investors in the semiconductor sector, recognising its potential to drive economic growth and technological advancement.
Minister Dung highlighted the government’s efforts to streamline regulations and provide favourable conditions for semiconductor companies looking to establish operations in Vietnam.
One of the key initiatives driving Vietnam’s semiconductor ambitions is the collaboration between the National Innovation Centre (NIC) and leading global technology firms. Major companies have already partnered with NIC to support digital transformation initiatives and provide training programs for Vietnamese firms. This collaboration underscores Vietnam’s commitment to leveraging technology to enhance its competitiveness in the global market and drive sustainable economic development.
The Ministry of Planning and Investment plays a pivotal role in steering the NIC’s efforts and facilitating cooperation with global partners across various sectors. By focusing on areas like the digital economy, sci-tech, and emerging domains such as semiconductors and renewable energy, Vietnam aims to fuel growth and innovation through strategic partnerships and investments. The establishment of high-tech parks like Hoa Lac Hi-Tech Park serves as a hub for semiconductor companies and reinforces Vietnam’s position as a tech leader in the region.
Despite the opportunities presented by the semiconductor industry, Minister Dung also acknowledged the challenges Vietnam faces. High investment requirements, intense competition from global powerhouses and the increasing complexity of semiconductor technology pose significant hurdles to Vietnam’s semiconductor ambitions.
Anticipating substantial growth in Vietnam’s semiconductor industry, with a projected valuation of US$20-30 billion by 2030, the government understand the barriers confronting local companies in fully capitalising on the industry’s potential. Despite boasting over 50 eligible firms, only FPT and Viettel have ventured into the semiconductor sector.
The absence of domestic manufacturing facilities is evident, with only packaging and testing factories established by international giants. Additionally, the shortage of skilled workers in the semiconductor field remains a pressing issue that needs to be addressed.
To tackle these challenges, the Vietnamese Government has outlined a comprehensive plan to develop the semiconductor industry and build a skilled workforce. The plan includes initiatives to train 50,000 skilled workers by 2030, with a focus on integrated circuit design engineers and engineers across various disciplines.
The government is also exploring the establishment of an investment support fund for high-tech industries, including semiconductors, to provide financial assistance to companies operating in the sector.
Furthermore, efforts are underway to ensure a stable supply of electricity for high-tech industries and accelerate land clearance processes for industrial parks and economic zones. These measures aim to improve the competitiveness of semiconductor projects and attract more investments to the sector.
Vietnam’s commitment to becoming a vital player in the global semiconductor value chain underscores its dedication to fostering technological innovation and economic prosperity. Through strategic initiatives and partnerships, Vietnam is poised to build a robust semiconductor industry, enhancing its long-term competitiveness and prosperity on the global stage.
