Vietnamese private conglomerate Vingroup has announced its plan to establish a ‘Silicon Valley’ of Vietnam where the world's leading scientists and technology experts will gather.

The plan was unveiled by Vingroup CEO Nguyen Viet Quang during a conference on developing the labor market chaired by Prime Minister Pham Minh Chinh on Saturday.

Within the next three years, Vingroup will open a global intellectual connection center in south-central Khanh Hoa Province, where experts and scientists will come together and conduct in-depth research on technology.

"We will support them to develop necessary applications so that Vietnam will have its own ‘Silicon Valley,’ Quang stated.

Vingroup is expected to hire about 150,000 employees in the next two years, with candidates ranging from unskilled laborers to senior workers in the fields of research, technology, trade, and service.

In the next five years, the group plans to build 500,000 social houses and initiate a series of construction projects in northern Quang Ninh Provicne, south-central Khanh Hoa Province, and Ho Chi Minh City.

The conglomerate recently opened a new battery factory in north-central Ha Tinh Provicne and expanded the production of an electric car plant in northern Hai Phong City.

About 80,000-100,000 workers are expected to be recruited for these projects.

At the conference, Minister of Planning and Investment Nguyen Chi Dung said that the distribution of labor is uneven among regions and localities, adding that the shortage of skilled and managerial employees also affects the attraction of foreign investment in the hi-tech sector.

There should be policies to support enterprises, mobilize the network of Vietnamese intellectuals in the country and abroad, promote the development of training institutions, and diversify forms of cooperation between training institutions, associations, and enterprises, Dung elaborated.

Minister of Industry and Trade Nguyen Hong Dien stressed it is necessary to promote the development of the labor market and human resources, with a focus on improving salary, bonuses, and incentives.

"The demand for skilled and highly qualified labor will increase sharply,” Dien continued.

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