Viet Nam's semiconductor industry revenue estimated at over US$18 billion in 2024

Minister of Information and Communications Nguyen Manh Hung (right) speaks at the first meeting of the National Steering Committee for Semiconductor Industry Development in Ha Noi, December 14, 2024. Photo: VGP

Viet Nam's semiconductor supply chain is in its early development stage, focusing on two main areas: chip design and assembly, packaging and testing, Nguyen said at the first meeting of the National Steering Committee for Semiconductor Industry Development held in Ha Noi on Saturday.

The Southeast is a "safe destination" for global semiconductor industry, said the minister.

There have been 174 FDI projects in semiconductor sector in Viet Nam with total registered capital of approximately US$11.6 billion.

Global tech giants have showed increasing interest in Viet Nam. Last week, Prime Minister Pham Minh Chinh hosted a reception for a delegation of the U.S. Semiconductor Industry Association (SIA) led by President and CEO John Neuffer.

In a bid to realize the Government's ambition to build a robust semiconductor sector by 2030, Nguyen suggested the Government should expeditiously establish an investment support fund and promulgate a decree on detailed implementation of the newly amended Law on Investment to encourage and stimulate investments in semiconductor industry.

The minister also said the Government should review, amend and supplement regulations on imports and exports to reduce time required for compliance of procedures to 2-3 hours in a bid to improve the attractiveness of the country's business environment.

The Government should also develop a stable electricity and water supply systems and waste treatment facilities to meet foreign investors' demands, he said

Nguyen also called for building a semiconductor industry database and a set of criteria for evaluating Viet Nam's semiconductor industry./.