The Vietnamese semiconductor market is projected to reach US$7.01 billion by 2028.

Vietnam is presented with an opportunity to participate more deeply in the semiconductor industry and has clearly demonstrated its aspiration to become a link in the global semiconductor supply chain.

The Semiconductor Association Global (SEMI) forecasts that Vietnam's semiconductor market is expected to reach US$7.01 billion by 2028, with an average annual industry growth rate of approximately 6.69% during the period 2023-2028.

Vietnam: A promising destination.

At the Vietnam Semiconductor Industry Exhibition 2024 – SEMIExpo Viet Nam 2024, themed “Elevating Vietnam in the Global Semiconductor Supply Chain,” which officially opened in Hanoi today (November 7th), Minister of Planning and Investment Nguyen Chi Dung affirmed that the semiconductor industry is not only the foundation of modern technology, but also a core factor determining the strength of the digital economy and the development of breakthrough technologies, from artificial intelligence (AI), the Internet of Things (IoT), big data to automation.

Mr. Nguyen Chi Dung, Minister of Planning and Investment. (Photo: Chi Hieu)

Complex geopolitical developments around the world have also prompted countries to diversify their supply chains and seek more stable and sustainable sources of components.

The head of the Ministry of Planning and Investment stated, "Vietnam, with its significant advantages of a stable political environment, consistently strong economic growth over many years, and a young, abundant, and creative workforce, is a promising destination for investors in the semiconductor sector."

In fact, the Ministry of Planning and Investment has assigned the National Innovation Center, in coordination with the US Department of State and Arizona State University, to launch and implement the program in Vietnam, with the goal of training more than 4,000 microchip packaging and testing engineers by the end of 2025.

At the same time, Vietnam is also actively cooperating with the United States, Japan, South Korea, Singapore, Taiwan, Europe, and other countries to jointly train human resources and develop the semiconductor and artificial intelligence industries.

Vietnam has met the conditions to be ready to welcome and cooperate with businesses and investors from all over the world in the semiconductor industry.

"We believe that, with a high-quality training foundation and the participation of reputable partners, each student and each engineer will be a building block in constructing a solid Vietnamese semiconductor industry," Mr. Nguyen Chi Dung shared.

Mr. Le Nam Trung, Deputy Director of the Department of Information Technology and Communications Industry. (Photo: Chi Hieu)

Speaking on behalf of the Ministry of Information and Communications at the exhibition, Mr. Le Nam Trung, Deputy Director of the Information Technology and Communications Industry Department, said that Vietnam is increasingly becoming an attractive destination in the global semiconductor industry with interest from international partners. The semiconductor industry is a fundamental and crucial industry that Vietnam has identified as a priority for development.

According to Mr. Le Nam Trung, Vietnam's semiconductor industry development strategy until 2030, with a vision to 2050, aims to make Vietnam an important link in the global supply chain.

The Deputy Director of the Department of Information Technology and Communications Industry expressed his hope that "international businesses will see Vietnam's potential not only as a consumer market but also as a reliable partner, an ideal place for development, expansion, and research."

Vietnam will become a technology hub.

Mariam Sherman, Country Director of the World Bank in Vietnam, Laos, and Cambodia, also shared positive signs regarding semiconductors, noting that Vietnam has risen to become one of the region's major manufacturing hubs, with global technology corporations continuously expanding their cooperation and establishing production facilities in Vietnam.

Ms. Mariam Sherman, Country Director of the World Bank in Vietnam, Laos, and Cambodia. (Photo: Chi Hieu)

"Vietnam is demonstrating its readiness to become a technology hub in Asia, thereby creating quality jobs, rapid economic growth, and becoming a leading semiconductor industry. The Vietnamese semiconductor industry is on a promising trajectory and will make an increasingly important contribution to the global semiconductor industry , " said Mariam Sherman.

Vietnam is poised to become Asia's technology hub. (Photo: Chi Hieu)

Vietnam has a solid foundation in general education; the next step is to invest in higher education to create a high-quality workforce for the future.

Vietnam's path forward is relatively clear, with key objectives, especially the development of a highly skilled workforce.

This is how Vietnam can transform itself from a manufacturing hub into a global high-tech center.

Chi Hieu

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