Việt Nam's new fast track policies to boost high-tech investment environment set for approval

Minister of Planning and Investment Nguyễn Chí Dũng and delegates at the SEMIExpo Vietnam 2024. — VNS Photo Ly Ly Cao

HÀ NỘI - Minister of Planning and Investment Nguyễn Chí Dũng has revealed that the government's new policies to position Việt Nam as a prime destination for high-tech investment, especially in sectors like semiconductors, will be approved this year.

At the opening of SEMIExpo Vietnam 2024 on Thursday, Minister Dũng said that the new policy will simplify investment procedures and drastically reduce time for investors in high-tech industries.

Investors in industrial zones, high-tech parks, export processing zones, or free trade areas will no longer need to apply for investment licences. Instead, they only need to register their investment and within 15 days, management boards will issue an investment registration certificate. Once issued, investors will be exempt from having to undergo further procedures such as construction permits, environmental impact assessments, or fire safety inspections, provided they comply with existing regulations.

“For investors, this represents a major step forward for both Việt Nam and the high-tech sector, especially the semiconductor industry, in the near future,” Dũng said.

A further initiative includes the establishment of a Investment Support Fund for high-tech enterprises, including those in the semiconductor industry. This fund will not only support central government initiatives, but also allow local governments to establish their own funds to support high-tech businesses in their regions.

The fund will provide financial backing for research centres, human resource development, worker housing, etc, ensuring comprehensive support for businesses.

These policies, currently presented to the National Assembly, will be approved in this NA session, Dũng said.

These forward-thinking policies reflect Việt Nam’s strong commitment to becoming a global hub for high-tech industries, offering an attractive, efficient environment for investors in key sectors like semiconductors.

Việt Nam is identified as an emerging semiconductor powerhouse with a projected market value of nearly US$31.4 billion by 2029, driven by strategic investments and strong government support.