Viet Nam seeks greater role in multi-billion semiconductor market

The chip industry's revenue from the U.S. market rose by 74.9% during the period, from $321.7 million in February 2022 to $562.5 million this February, according to a report by the Ministry of Information and Communications.

Viet Nam is also among the countries with the highest growth rate of chip exports to the U.S., alongside Thailand, India and Cambodia, said the ministry.

Viet Nam has attracted roughly 40 international companies in the semiconductor chip industry from the U.S.,, Korea, Japan, Taiwan, and the Netherlands.

Alongside this influx, domestic players like Viettel and FPT have begun operations, building a well-rounded foundation for the sector.

Minister of Science and Technology Huynh Thanh Dat emphasized the essential role semiconductors play, stating, "Semiconductor chips are like 'grains of rice' – they feed all different fields in this technological era."

The global semiconductor industry, with a market value exceeding US$520 billion in 2023, is projected to reach US$620 billion by 2024 and surpass US$1 trillion by 2030.

Historically, a few major players controlled the value chain. However, disruptions caused by COVID-19 and geopolitical shifts have led to a repositioning. This, combined with Viet Nam's growing technological prowess, offers the country a chance to increase its participation in the global supply chain.

"Viet Nam possesses the right mix of opportunity and necessary factors to develop the semiconductor industry ecosystem," Minister Dat asserted.

The Government set target to train 50,000 engineers for the industry by 2030 and it has called on major global tech giants like Samsung and Intel to join this process.

The Ministry of Science and Technology supports programs that foster international technology transfer and train domestic experts in advanced microchip hardware design and manufacturing, ensuring Viet Nam develops the necessary human capital to sustain its ambitions./.