Vietnam’s government, which aims to have at least one semiconductor foundry and 10 packaging factories by 2030, said over the weekend it would set up a fund to help foreign investors mitigate the impact of the world’s lowest business tax.
The country’s semiconductor industry is targeting revenue of $25 billion by 2030, the government said in a statement on Saturday after releasing its semiconductor industry development strategy.
The Southeast Asian country, a regional manufacturing hub, is looking to transition from a labor-intensive industry to a high-tech one, as part of which the government aims to increase the number of semiconductor engineers to 50,000 by 2030.
Several global electronics and semiconductor companies have facilities in the country, including Intel, Samsung, Amkor Technology, Qualcomm and Marvell Technology.
Beyond its original 2030 target, the government said it plans to build at least three semiconductor foundries and 20 packaging plants with annual sales of $100 billion by 2050.
The Ministry of Planning and Investment said in July it was finalizing plans to set up a fund to attract foreign investment in high-tech industries and help the country maintain its competitiveness.
