Collaboration with tech giants crucial for Vietnam’s success: Experts

At the end of 2024, the Politburo introduced Resolution 57, focusing on breakthroughs in science, technology, innovation, and national digital transformation. This resolution underscores that advancements in these fields are crucial for national development. It also highlights the opportunity for Vietnam to flourish in the new era, as the country embarks on its journey towards greater prosperity and power.

Nguyen Duc Tam, Deputy Minister of Finance, highlighted that Resolution 57 recognises science, technology, innovation, and digital transformation as essential drivers for economic growth, preventing the nation from falling behind and enabling it to thrive in the new era. This vision is at the heart of Vietnam’s strategy to become a high-income developed country by 2045, he held.

He also pointed out that Vietnam is at a critical juncture, preparing for an era of national growth. The country is focusing on digital transformation, green transition, sci-tech development and innovation to boost productivity, quality, and competitiveness, particularly in the semiconductor and AI sectors. With the right conditions in place, Vietnam is ready to forge partnerships with global tech leaders in the semiconductor and AI fields. The country boasts a stable political climate, strong political will, and a clear focus on innovation.

In 2024, Vietnam rolled out a series of policies aimed at fostering high-tech industries, including the Vietnam Semiconductor Industry Development Strategy and initiatives to support AI development. These efforts are bolstered by the creation of an investment support fund for high-tech industries, ensuring a supportive environment for future growth.

A young, tech-savvy population of over 100 million is another asset, with an increasing number of highly skilled workers able to drive innovation across sectors like STEM. The country has already established a significant semiconductor and AI ecosystem that engages many top global technology companies.

Nguyen Duc Tam, Deputy Minister of Finance (Photo: VNA)

In the broader regional context, where neighbouring countries are also investing heavily in high-tech industries, Christopher Nguyen, founder of US-based organisation Aitomatic, said that Vietnam holds significant competitive advantages as it boasts a growing workforce and a high fertility rate compared to other nations that will create a young, dynamic labour force in the future.

Citing the success of companies like Samsung, which generates 25% of its global revenue from Vietnam, he said the country can continue to expand its role in the global tech economy over the next decade.

Vietnam is now at a “golden opportunity” to accelerate the development of its AI and semiconductor sectors, positioning itself as a key player in the global production and supply chain for cutting-edge technologies.

Lee Dong-Chul, CEO of Hana Micron Group in the Republic of Korea, stated that Vietnam offers an attractive investment environment. With strong government support, robust infrastructure, and a highly skilled yet cost-effective workforce, it is quickly becoming a prime destination for high-tech companies.

Vu Quoc Huy added that the presence of foreign companies in Vietnam will offer valuable opportunities for local businesses, workers, and experts to gain access to advanced technologies and enhance their skills in semiconductors and AI. This collaboration will not only foster the growth of start-ups but also improve the capabilities of local companies to compete on a global scale.

Nguyen Hong Trung, a representative from VPBank, noted that Vietnam has a golden opportunity to become a regional AI and semiconductor hub. AI is not only a driver of economic growth but also a key factor in a country’s competitiveness, he said, holding that investing in AI can significantly enhance productivity, especially in sectors like finance, health care, manufacturing, and logistics. If the country makes the most of this opportunity, it could emerge as a global centre for innovation and play an essential role in the worldwide tech supply chain, he stated.

Trinh Khac Hue, CEO of Qorvo Vietnam, also highlighted the importance of developing local talent to support the growth of the semiconductor industry. Qorvo is currently collaborating with NIC to train engineers to US standards, recognising that human resources will be the key to the success of Vietnam’s semiconductor ambitions.

To capitalise on this "golden opportunity" and accelerate the growth of its AI and semiconductor sectors, Vietnam is demonstrating its readiness to welcome the world’s leading technology giants. The Ministry of Finance has tasked NIC, in collaboration with Aitomatic, to host the 2025 International AI and Semiconductor Conference, scheduled for March 12-16 in Hanoi and Da Nang. The event will bring together over 1,000 leaders and experts from companies like Google DeepMind, IBM, Intel, TSMC, Samsung, MediaTek, and Tokyo Electron, who will discuss the future of AI and semiconductors in Vietnam.

This conference is part of Vietnam’s ongoing efforts to implement and promote the science, technology, and innovation goals outlined in Resolution 57. The event aligns with the Government’s broader strategy, which includes the action plan for national digital transformation.

In line with this, the Government has also enacted Decree 182/2024/ND-CP on establishing and managing an Investment Support Fund. This reflects Vietnam’s firm commitment to strengthening its high-tech sectors, particularly semiconductors and AI, and integrating more deeply into the global market./.