Intel may expand investment in Vietnam

After investing US$1 billion into a local factory, Intel will keep investing in Vietnam according to Kim Huat Ooi, vice president and general director of Intel Products Vietnam Co., Ltd., at the Ho Chi Minh City - US Business Forum on August 25.
August 27, 2020 | 10:05
ho chi minh city expects to draw us investment Ho Chi Minh City expects to draw US investment
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(Photo: VOV)

Intel is going to invest further in the near future, with the current export value to reach US$3.6 billion. More investment is planned in Ho Chi Minh City, thereby increasing the overall export value, with a specific focus placed on developing middle and high levels of leadership, according to VOV.

Intel is the first high-tech company that has injected a figure of over US$1 billion into the southern city, with this investment seen as a huge success. Intel has even outlined greater visions ahead in the near future.

The Company's operations in the second half of 2020 remain stable, production volume increases by 30%, contributing to 3/4 of our total production volume. This is an impossible number. Intel cannot do this without the support of Vietnam."

Intel has also invested USD 25 million in 8 universities in Ho Chi Minh City. Intel has built the Vietnamese factory into the largest Intel assembly and testing plant in the world, reported by Investment News.

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(Photo: Investment News)

Intel has selected Ho Chi Minh City and the nation as the place to invest into. Indeed, the story of the novel coronavirus pandemic serves as a typical example, with the swift actions taken by the country along with strong countermeasures aimed at containing the spread of the disease seen as a success in the eyes of the world.

In 2006, Intel announced a USD 300 million investment project to build new facilities, including a chip assembly and testing plant in the Saigon Hi-Tech Park. In November 2006, Intel Products Vietnam officially announced to increase the factory size from 14,000 m2 to 46,000 m2, and increase the total investment to $ 1 billion. The factory officially started operations in June 2010.

Intel's operation during the second half of the year remain stable, with production volume witnessing a surge of 30%, contributing to approximately 75% of total production volume. Indeed, this figure could not be achieved without the support of Vietnam.

Intel has produced 2 billion products in March of this year. This means that every second, it is able to produce 25 units of items, including semiconductor chips, computer processing chips, and other devices.

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