Vietnam is preparing the necessary conditions to welcome foreign investors, especially in the fields of semiconductors and artificial intelligence (AI).
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| Foxconn's electronics factory in Bac Ninh. Photo: Duc Thanh |
Investors flock to
In less than a week, three localities have held conferences to announce planning and promote investment in 2024, namely Bac Ninh, Dong Nai and Binh Duong. As expected, many projects of domestic and foreign investors have been granted investment certificates, investment policies or investment agreements. This is understandable because these are all localities that have been leading the country in attracting foreign direct investment in recent years.
For example, in Bac Ninh, 18 projects were granted investment certificates, investment policies and memorandums of understanding (MOUs) on this occasion, with a total estimated investment capital of nearly 5.6 billion USD. Among them, there are many large-scale projects such as the Foxconn Bac Ninh FCPV Factory Project of Foxconn Group, with an investment capital of 383.3 million USD; the Goertek Nam Son - Hap Linh Electronic Products, Network Equipment and Multimedia Audio Products Manufacturing Factory Project, with an investment capital of 280 million USD; the Victory Giant Vietnam High-Precision Printed Circuit Board (PCB) Project, with an investment capital of 260 million USD; or the Amkor Group's additional capital increase project of 1.07 billion USD...
Notably, the Industrial and Commercial Bank Trade Union Investment Joint Stock Company (under Phu My Hung Corporation) received the investment policy for the Hong Hac - Xuan Lam Ecological Urban Area Project, Thuan Thanh town, with an investment capital of 1.066 billion USD (including additional capital of 998 million USD); Samsung Display Company signed an MOU to develop the Samsung Display Project worth 1.8 billion USD; and AEON signed an MOU on the AEON MALL Project worth 190 million USD.
“With this investment project, in addition to OLED products for mobile phones (currently in production), Samsung will deploy a production line for OLED products for IT equipment and automobiles. These are products that are expected to account for about 30% of the global market share in the next 5 years,” said Mr. Choi Joo Ho, General Director of Samsung Vietnam, in a meeting with the Prime Minister shortly afterwards.
According to Mr. Choi Joo Ho, with the above plan, Samsung Display's revenue is expected to double from 17 billion USD this year after 5 years. With this plan, Samsung Display has increased its investment capital to 8.3 billion USD and become Samsung's largest screen manufacturing base in the world.
Meanwhile, Mr. Gary Tseng, General Director of Phu My Hung Development Corporation, was very pleased to receive the investment policy for a project worth more than 1 billion USD in Bac Ninh, after a long time focusing on investment in the Southern region.
Not only Bac Ninh, many projects in Dong Nai were also granted investment certificates and investment policies with a scale of 6 billion USD. Binh Duong also welcomed many projects.
Meanwhile, Thai Binh has just welcomed Geely Auto Group and Tasco Joint Stock Company to seek investment opportunities. This joint venture plans to develop a factory specializing in automobile manufacturing and assembly with a total investment of nearly 170 million USD in Tien Hai Industrial Park.
At the same time, on the other side of the world, on the occasion of attending the 79th United Nations General Assembly High-Level Week and working in New York (USA), General Secretary and President To Lam received leaders of several large US corporations and investment funds, such as Apple, Meta, Super Micro, Blackstone, Warburg Pincus... These corporations all affirmed their interest in the Vietnamese market.
Vietnam is ready to welcome
Foreign investors are flocking to Vietnam, which is positive news. But can Vietnam welcome and realize these opportunities, especially in attracting investment from leading chip and semiconductor companies?
Speaking at the Policy Dialogue Session of the Ho Chi Minh City Economic Forum 2024, Deputy Minister of Planning and Investment Tran Quoc Phuong said that in recent times, Vietnam has made efforts to improve institutions and policies, while preparing conditions for land, human resources, energy, etc. to meet investors' needs.
According to Apple Vice President Nick Ammann, Vietnam is not only a “great market” for the Group, but also a “production base” for Apple to supply goods to the world. Goertek and Foxconn projects in Bac Ninh also produce components for Apple. 
Informing that the Ministry of Planning and Investment is urgently completing the Decree on the establishment, management and use of the Investment Support Fund, Deputy Minister Tran Quoc Phuong emphasized that these mechanisms and policies will help attract investors in new technology fields, such as semiconductors, green hydrogen, etc.
“The Government has also just issued two important decisions: the Semiconductor Industry Development Strategy and the Project on Training High-Quality Human Resources for the Semiconductor Industry. These are two key decisions for us to enter a new phase, promoting stronger economic transformation in the fields of innovation, digital transformation and green transformation,” said Deputy Minister Tran Quoc Phuong.
The two important documents above will be the premise for Vietnam to be able to attract more strongly into pioneering technology fields, such as semiconductors and AI - fields that Vietnam has identified as creating breakthroughs for the economy in the coming time.
At the Policy Dialogue, Deputy Minister of Information and Communications Pham Duc Long also shared important information. That is, recently, the Government has submitted to the National Assembly for approval the revised Telecommunications Law. In this law, for the first time, data center and cloud computing services are included, both for management purposes, but mainly to build policies to promote development and attract investors for large, very large data centers.
According to Deputy Minister Pham Duc Long, in the revised Telecommunications Law, there are two key points: foreign investors are not limited in the capital contribution ratio when participating in investing in the construction of data centers and importantly, data centers do not have to be licensed, instead, the post-audit principle is implemented to ensure regulations, green standards, technical standards, safety, network security, etc.
Speaking at the Policy Dialogue, Prime Minister Pham Minh Chinh once again affirmed Vietnam's consistent view that foreign investment resources are "important and breakthrough". According to the Prime Minister, to attract foreign investment, we must pay attention to three factors: open institutions; convenient and smooth infrastructure; and ensuring high-quality human resources in emerging industries such as semiconductor chips, hydrogen, AI, cloud computing, etc.
At the Policy Dialogue, the Prime Minister also pledged that Vietnam will protect the legitimate rights and interests of investors and will not criminalize economic and civil relations. “I believe that Vietnam is an attractive investment destination now and in the future,” the head of the Government emphasized.
Source: https://baodautu.vn/nha-dau-tu-cap-tap-den-viet-nam-san-sang-don-cho-d225949.html
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