Vietnam's semiconductor market expected to reach 7.01 billion USD by 2028

Vietnam is facing the opportunity to participate deeply in the semiconductor industry and has clearly demonstrated its desire to become a link in the global semiconductor supply chain.

The Semiconductor Manufacturing International (SEMI) forecasts that Vietnam's semiconductor market is expected to reach 7.01 billion USD by 2028, with an average annual industry growth rate of about 6.69% in the period 2023 - 2028.

Vietnam a promising destination

At the Vietnam Semiconductor Industry Exhibition 2024 - SEMIExpo Viet Nam 2024 with the theme "Elevating Vietnam in the global semiconductor supply chain" officially opened in Hanoi today (November 7), Minister of Planning and Investment Nguyen Chi Dung affirmed that the semiconductor industry is not only the foundation of modern technology, but also the core factor determining the strength of the digital economy, determining the development of breakthrough technology industries, from artificial intelligence (AI), internet of things (IoT), big data (Big Data) to automation.

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

The complex developments in global geopolitics 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 commented, "Vietnam, with its great advantage of being a country with stable politics, good economic growth for many years, and a young, abundant workforce with a passion for innovation, is a promising destination for investors in the semiconductor sector."

In fact, the Ministry of Planning and Investment has assigned the National Innovation Center to coordinate 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 from now until the end of 2025.

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

Vietnam has gathered 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-level training foundation and the participation of prestigious partners, each student and each engineer will be a brick in building 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)

On behalf of the Ministry of Information and Communications attending the exhibition, Mr. Le Nam Trung, Deputy Director of the Department of Information Technology and Communications Industry, said that Vietnam is increasingly becoming an attractive destination in the global semiconductor sector with the attention of international partners. The semiconductor industry is a fundamental and important industry that Vietnam has determined to focus on promoting.

According to Mr. Le Nam Trung, the strategy for developing Vietnam's semiconductor industry to 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 expansion, development and research".

Vietnam will become a technology center

Ms. Mariam Sherman, Country Director of the World Bank in Vietnam, Laos and Cambodia, also shared positive signals about semiconductors. Vietnam has emerged as one of the major manufacturing centers in the region with global technology corporations continuously expanding cooperation and establishing production facilities in Vietnam.

Ms. Mariam Sherman, World Bank Country Director for Vietnam, Laos, Cambodia. (Photo: Chi Hieu)

"Vietnam shows its readiness to become an Asian technology hub, thereby creating quality jobs, rapid economic growth and becoming a leading global semiconductor industry," said Mariam Sherman.

Vietnam is ready to become the technology hub of Asia. (Photo: Chi Hieu)

Vietnam has a solid foundation from general education, the next step is to invest in higher education to create high-quality human resources in the future.

Vietnam's path forward is relatively clear with important goals, especially developing high-quality human resources.

This is how Vietnam can transform itself from a manufacturing hub into a high-tech hub of the world.

Chi Hieu

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