Deputy PM Le Minh Khai calls for more US investment in semiconductor industry

On January 12, Deputy Prime Minister Le Minh Khai called on the Semiconductor Industry Association (SIA) of the US to encourage its member enterprises to increase investment in Vietnam.
Deputy PM calls for more US investment in semiconductor industry
Deputy Prime Minister Le Minh Khai (L) receives SIA President and CEO John Neuffer in Hanoi on January 12, 2023. (Photo: VNA)

Receiving SIA President and CEO John Neuffer in Hanoi, the Deputy Prime Minister welcomed SIA's selection of Vietnam as one of the destinations to survey in its fact-finding tour of Southeast Asia. He considered this as a starting point for cooperation between SIA and the Vietnamese Government, thereby promoting the possibility of Vietnam’s engagement in global semiconductor supply chains.

The Vietnamese Government has issued many support policies for investment in and development of hi-tech products, with the semiconductor industry given the top priority, he noted, stressing that strongly developing science, technology, innovation, and digital transformation was identified as a key driver of economic growth during the 2021 - 2030 period.

Vietnam prioritises hi-tech and innovation projects with spillover effects in which investors pledge to facilitate Vietnamese firms’ participation in production chains, cooperate in human resources training and research and development (R&D), and help boost digital economy and socio-economic development, Khai said.

He added Vietnam boasts much potential for developing the semiconductor industry thanks to high-quality human resources and a large electronics manufacturing sector with many major businesses like Intel, Samsung, Foxconn, Amkor, and LG. The National Innovation Centre was also established to support innovation, R&D, and the building of an innovation ecosystem that focuses on enterprises.

For his part, SIA President Neuffer said the US’s semiconductor industry is working to re-balance the global semiconductor production chain.

He stressed the importance of Vietnam to the US's production chains, expressing his hope that Vietnam will play an increasingly important role in the US’s global semiconductor chain in the coming time.

As other countries are advancing fast and semiconductor businesses of the US are seeking investment chances, SIA President Neuffer said he hoped to cooperate with the Vietnamese Government and help the Southeast Asian nation not miss this important opportunity.

Deputy Prime Minister Khai asked SIA to introduce Vietnam’s investment climate to US firms to encourage them to open R&D and sci-tech centres in Vietnam, and transfer technologies to help Vietnam develop businesses capable of designing and producing semiconductor products.

He also suggested SIA introduce experts and organisations to hold on-site training courses, and present scholarships to train human resources for the semiconductor industry in Vietnam.

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(Source: VNA)