Experts Discuss Building World's Technology Powerhouse in Vietnam

Vietnam highlighted its potential to become a technology powerhouse during a discussion entitled “High-tech investment in Vietnam: taking off in the smart era” held earlier this week on the sidelines of the 55th Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland.
January 24, 2025 | 08:36
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The event, jointly organized by the Ministry of Planning and Investment, the Ministry of Foreign Affairs, FPT Corporation, and VinaCapital, Many Vietnamese officials and technology group leaders as well as representatives from international tech giants like Google, Schneider Electric, Qualcomm and Ericsson, participated.

In his remarks, Chairman and CEO of FPT Corporation Truong Gia Binh noted that Vietnam’s shifting approach from management to enablement while emphasizing the nation’s target to achieve double-digit growth, with science-technology and innovation, particularly AI, digital transformation, semiconductor, and big data, being important motives. Also, Vietnam achieved the annual technology sector revenue of US $2 billion and a one-million-strong tech workforce in recent years.

According to representatives from Google, Schneider Electric, and A.P. Moller Capital, it is necessary for the country to continue the institutional reforms and create more attractive investment incentives.

Experts Discuss Building World's Technology Powerhouse in Vietnam
PM Pham Minh Chinh (third from left) at the 55th Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland (Photo: baoquocte.vn).

In response, Minister of Planning and Investment Nguyen Chi Dung presented Vietnam's investment climate reform, which aims to build a safe, effective and competitive destination, highlighting the shift to post-inspection mechanisms that significantly shorten project approval times. Dung also revealed plans to adjust foreign investment ratios in priority sectors such as airports and seaports, to attract infrastructure capital.

An international financial center in Ho Chi Minh City and a regional one in Da Nang city will be established in the near future. The minister invited international partners to contribute expertise in the development plan, especially the policy making aspect.

Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen underscored Vietnam's recognition of high-tech development as a key to economic competitiveness and modernization. The country is becoming more attractive for international investors, evidenced by the presence of major tech corporations like Samsung, Intel, Nvidia, Google, and Meta, alongside the rapid growth of domestic tech giants such as Viettel, VNPT, and FPT.

The reasons that makes Vietnam a potential investment environment include the political stability, sustainable economic growth, quality workforce, improving infrastructure, and dynamic industry ecosystem. The Government is working towards a science-tech centered growth model, it is prioritizing selective investment in high-tech projects, semiconductors, AI, research and development, renewable energy, and green hydrogen.

The Vietnamese Government pledges support for the investors to develop high-tech sectors through incentives regarding investment and high-quality human sources. Hue said he hopes that enterprises will continue accompanying the Government and Vietnamese peers to unlock new investment opportunities in the areas of the two sides’ strength and potential.

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