Vietnam has set a target of some US$25 billion a year in revenue from the semiconductor industry by 2030, according to the country's semiconductor development strategy until 2030, with a vision for 2050, issued  by the prime minister.

The figure will soar to $50 billion a year during the 2030-40 period and $100 billion between 2040 and 2050.

To fulfill the target, Vietnam will deploy the strategy in three phases, with the first from 2024 to 2030 focusing on foreign investment attraction.

Accordingly, the Southeast Asian nation will leverage its advantages of geopolitical stability and human resources to attract foreign investors, moving toward turning it into one of the world’s chip workforce hubs. 

It will also enhance its semiconductor research, design, manufacturing, packaging, and testing capabilities during the period.

The first phase is expected to see at least 100 chip design firms, one semiconductor manufacturing factory, and 10 chip packaging and testing plants come into being.

The semiconductor industry is set to generate some $25 billion yearly during the period, with its added value in the country ranging from 10 to 15 percent and a workforce of 50,000 engineers.

Vietnam will strive to become one of the global electronics and semiconductor hubs during the second phase of the strategy from 2030 to 2040.

The country will form a network of at least 200 chip design firms, two semiconductor production factories, and 15 chip packaging and testing plants to boost its semiconductor growth, fostering its autonomy in chip design technology and production. 

The second phase is intended to see Vietnam obtain $50 billion per year in turnover from the chip industry with its added value at up to 20 percent and a workforce of 100,000 tech workers.

During the last phase of the strategy, Vietnam would like to be among the world’s leading nations with a developed electronics and semiconductor industry.

The government aims to equip the semiconductor industry with at least 300 design companies, three chip manufacturing plants, and 20 packaging and testing factories during the 2040-50 period.

Mastering semiconductor research and development, Vietnam will achieve $100 billion in revenue from the industry a year, with its added value ranging from 20 to 25 percent, according to the strategy.

The phase will witness a complete autonomous semiconductor ecosystem in Vietnam.

To achieve this ambitious goal, the government has outlined a series of missions and solutions aimed at expanding the chip industry in the coming years.

The country will concentrate on specialized chip, electronics, and tech workforce development, while attracting talents and foreign investors.

The government will set up a national steering board for semiconductor development led by the prime minister, along with a specialist team for the chip industry led by the information and communications minister.

Besides, the national government will also add funds for electronic item and chip manufacturing and research activities.

In addition, the country will strengthen international partnerships in the semiconductor industry.

Other initiatives include implementing regulations on toxic waste treatment during the extraction of resources and the manufacturing of chips, bolstering environmental protection capabilities, and prioritizing green projects.

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