BOOSTING SEMICONDUCTOR INVESTMENT

According to the Provincial Planning for 2021-2030, with a vision to 2050, recently approved by the Prime Minister, Vinh Phuc province will prioritize industrial development, particularly in semiconductor projects, attracting significant investment from major semiconductor corporations.

The province will accelerate administrative reform, implement attractive incentive mechanisms, enhance high-tech park infrastructure, and develop plans for training high-quality talent. Vinh Phuc will also direct agencies to prepare conditions and allocate land for investment projects in industrial parks.

In addition, the province will reform investment promotion activities, actively approach and capture opportunities at domestic and overseas conferences on investment attraction organized by the central government to introduce the local investment environment. Computers, electronic products and semiconductors made in Vinh Phuc have been exported to traditional markets and penetrated new ones like the United States, ASEAN, Japan and South Korea. These exports are also being strongly exported to EU markets, including the Netherlands, Germany and the Czech Republic.

Driven by strong digital development, the demand for electronic products is increasing. Manufacturers of electronic components and semiconductors in Vinh Phuc continue to have many big orders from world-leading technology corporations such as Apple, Dell, Sang Sung and Google. Therefore, Vinh Phuc will continue to promote its existing advantages and maintain the electronics manufacturing industry as the main driving force of industrial development, with emphasis on high-value segments. The province will concentrate on building infrastructure for eco-industrial parks, providing telecommunications infrastructure, power grid, water service and land for tenants according to the given standards, and gradually lift the position of the semiconductor production chain.

Recently, Vinh Phuc province successfully attracted a US$100 million semiconductor-related manufacturing factory in Ba Thien Industrial Park-Zone I. This is a cooperation agreement project between Signetics Joint Stock Company (South Korea) and CNCTech Group (Vietnam). Speaking at the cooperation signing ceremony, Chairman of the Vinh Phuc Provincial People's Committee Tran Duy Dong affirmed that the cooperation agreement between CNCTech Group and Singetics Joint Stock Company to build a semiconductor-related manufacturing factory demonstrates that Vinh Phuc remains an attractive destination for investors, including those from Korea. Emphasizing the viewpoint that “Investors in Vinh Phuc are citizens of the province; the success of enterprises is the success of the province”, Dong pledged to further improve the investment and business environment, support and facilitate investors, including Koreans.

To achieve nearly VND450 trillion in industrial production value by 2025, with an average annual growth of 15% from 2021 to 2025, Vinh Phuc has proposed various solutions. These include attracting multinational corporations and reputable firms, particularly from technology-rich countries like the US, EU and Japan, and encouraging enterprises to participate in value production chains.

The province will simplify administrative procedures; strongly improve the business and investment environment and enhance competitiveness. It will center on improving business support services, land access and transparency indices to create an enabling business and investment environment. In addition, Vinh Phuc province will plan and develop more high-tech industrial parks to entice strategic investors.

At the same time, the province will rebuild the information system on investment attraction needs, investment procedures, investment incentives and other local advantages; and build software to monitor and improve strategic investment results and global supply chains.

Source: VCCI