Large Foreign Corporations's Investment Expansion Plans in Vietnam
|The Prime Minister spoke at the discussion. Photo: Nhat Bac
On January 16, within the framework of the World Economic Forum in Davos (Switzerland), Prime Minister Pham Minh Chinh chaired a discussion with global businesses on cooperation in developing artificial intelligence (AI), automotive technology, and semiconductor chips.
Representatives of large corporations appreciated Vietnam's development achievements, vision in green and sustainable economic development.
Corporations commit to continue expanding investment and business in Vietnam, hoping that the Vietnamese Government will continue to create conditions for investment in the fields of technology, innovation, semiconductors, AI, and strategic infrastructure.
Vietnam increased seven places in the AI readiness index, to 55th/181 countries in the world. Vietnam has about 50 educational institutions providing AI training.
Regarding the automobile industry, Vietnam has issued the National Strategy on Green Growth for the period 2021-2030, vision to 2050.
The strategy includes a roadmap for converting vehicles to use electricity, encouraging vehicles to use clean, and green energy.
Regarding semiconductors, Vietnam has a clear vision and high determination in pursuing, and developing the semiconductor industry, building an ecosystem for the industry.
Vietnam will soon issue a strategy for developing the semiconductor industry, and a project to train 50,000 engineers in the semiconductor field.
Delegates assessed that Vietnam has been attracting more corporations in the semiconductor industry.
Many large corporations in the electronics and semiconductor industry are planning to expand investment in Vietnam, such as Intel, Samsung, Amkor, Qualcomm, Infineon, Marvell, and Hana Micron.
The Semiconductor Industry Association (SIA), the Asian Semiconductor Association and several large corporations and partners all highly appreciate Vietnam's potential in this field.
|Prime Minister Pham Minh Chinh and delegates at the discussion. Photo: Nhat Bac
At the discussion, Prime Minister Pham Minh Chinh said that Vietnam is an important link in global, and regional supply chains.
Vietnam is one of the 20 economies with the largest trade scale in the world with a network of 16 signed FTAs, and 3 FTAs under negotiation.
According to the Prime Minister, AI, semiconductor and automobile industries are important industries.
They have old development motivations that need to be renewed, as well as new motivations for development.
Vietnam issued a development strategy in the field of AI, building national data centers connected to data centers of ministries, branches, and localities.
Regarding automotive technology, Vietnam focuses on developing electric cars, using clean materials, low carbon emissions, and investing in green transportation.
|Photo: Nhat Bac
Regarding the semiconductor industry, Vietnam determines this is a new development driving force, and will invest to participate in all three stages of the semiconductor value chain including design, manufacturing, and packaging.
Vietnam is continuing to focus on developing its information technology platform, and human resources, and will have appropriate preferential policies.
The Prime Minister said that to develop the above fields, Vietnam will continue to promote three strategic breakthroughs including strategic infrastructure to reduce logistics costs, input costs, and increase product competitiveness.
Vietnam trains high-quality human resources and perfects institutions to facilitate and reduce compliance costs for businesses, and people.
The Prime Minister hopes that businesses will continue to cooperate and invest effectively and sustainably in Vietnam.
He affirmed that Vietnam always accompanies and cooperates with investors on the principle of harmonious interests between the State, people, businesses, and investors.
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