HCM City: Strong leap into semiconductor industry

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Vietnam is said to have favorable conditions to develop a semiconductor industry ecosystem and become an essential part of the global semiconductor supply chain. The Party and the State are formulating breakthrough mechanisms and policies to promote the growth of this industry.

The semiconductor industry is likened to “a grain of rice” as it sustains all other sectors in the technological era, serving as the key to future digital technologies. The semiconductor industry plays an increasingly vital role in the world economy, with the global market size exceeding US$520 billion in 2023 and continuing to grow rapidly.

To gradually realize this goal, HCM City recently organized the 2024 International Exhibition for Integrated Circuit and Semiconductor Industry. The event aimed to attract businesses and organizations operating in the semiconductor sector in particular and high-tech industries in general from the city and neighboring provinces to establish a high-tech ecosystem.

The exhibition also aimed to provide businesses with opportunities to build partnerships and joint ventures through cooperation with domestic and foreign partners, thereby promoting the development of high-tech industries in HCM City and increasing trade promotion opportunities for Vietnamese enterprises.

The exhibition not only focused on advanced semiconductor technologies, but also expanded into related fields, such as optoelectronics, robotics, smart factories, and AI applications in manufacturing. This event is part of Vietnam’s semiconductor industry development strategy for the 2024-2030 period, aiming to attract investment, develop human resources, and build infrastructure to support digital transformation and reduce dependence on foreign technologies.

According to the leaders of the municipal People’s Committee, HCM City is focusing on developing high-tech industries, innovation, regional connectivity, and transforming production towards automation, and using green and clean energy for sustainable development. The city is also implementing new investment attraction policies to encourage the shift from traditional manufacturing models to smart factories.

At the same time, the city is implementing policies offering 100- percent interest rate support and funding assistance amounting to VND200 billion. These policies enable businesses to invest in innovation and shift to smart manufacturing in order to keep pace with current economic development trends.

“Recently, HCM City has provided favorable conditions for industrial enterprises to connect with multinational corporations to receive technology transfer and production management experience. This will help domestic enterprises gradually modernize production and prepare for their participation in global supply chains. The city will accompany businesses in technological innovation and production expansion,” affirmed the leaders of HCM City.