Vietnam has great potential to develop the semiconductor industry.

The world press highly appreciates Vietnam's potential in the semiconductor sector, and at the same time, said that Vietnam has outlined clear and specific directions and action plans to promote this industry.

Vietnam offers incentives to attract foreign chipmakers Vietnam has pledged tax cuts and incentives to foreign semiconductor companies to help develop the sector domestically, Nikkei Asia reported. Vietnam's national chip strategy will include funding for the industry through a state science fund and joint research with private companies like FPT, Nikkei Asia reported, citing an interview with Minister of Science and Technology Huynh Thanh Dat. Corporations from Nvidia to Samsung are looking to expand their chip businesses in Vietnam. Vietnam is expected to receive millions of dollars from the US Science and CHIPS Act and is home to Intel's largest global assembly and testing plant. Vietnam needs to reach technology transfer agreements with countries that dominate the chip sector. Vietnam is expected to loosen policies to attract foreign experts, which have faced a recent slowdown in work permits. To that end, universities are launching semiconductor training courses in partnership with employers like Samsung. Vietnam aims to train 50,000 engineers for the semiconductor industry by 2030. Jose Fernandez, the US Under Secretary of State for Economic Growth, Energy and the Environment, told Nikkei Asia that Vietnam has attracted dozens of companies in the semiconductor sector and more US companies would jump in if Vietnam had enough renewable energy to meet their green goals. During a recent visit to Vietnam, Deputy Minister Fernandez said many countries around the world want to have Vietnam's chip assembly, testing and packaging capabilities, and that Vietnam has "the potential to become a powerhouse." Deputy Minister Fernandez added that Vietnam is a prime target for subsidies under the US Science and CHIPS Act and this will be a "symbol" of trust. The exact amount in USD will be calculated based on the assessment report expected in February 2024. The UK's Verdict reported on Vietnam's announcement of a national semiconductor strategy. Verdict also recalled that US President Joe Biden announced a partnership between the US and Vietnam in the technology sector during his visit to Vietnam in September 2023. More recently, a number of US companies have expressed their desire to invest up to 8 billion USD in Vietnam's chip and clean energy industries if they receive legal support. Strategic positioning for increased investment in semiconductors Vietnam is strategically positioning itself to increase investment in semiconductors by actively building solid infrastructure, implementing policy mechanisms, investing in research and development, building strategies and training a skilled workforce, Brunei's Borneo Bulletin wrote. Vietnam has also established the National Innovation Center (NIC) and cooperated with the two largest chip design corporations in the US, Synopsys and Cadence, to establish a chip research and design center in the NIC facility. Local preparation also plays an important role. Improving land infrastructure for semiconductor businesses is a top priority. At the same time, strategic transport infrastructure connecting economic centers, seaports and airports is increasingly being strengthened. Priority is also given to preparing issues related to information technology, electricity, water and social infrastructure for the workforce in the semiconductor industry. These preparations underscore the Government's commitment to creating a favorable environment for semiconductor investment and its determination to actively participate in the global semiconductor value chain, the Borneo Bulletin wrote./.

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