At last week’s Vietnam Business Forum in Hanoi, Ko Tae Yeon, general director of Heesung Electronics Vietnam, discussed the importance of the draft amendment to the High-Tech Law currently under consideration by the National Assembly.

“It is a highly significant piece of legislation that has been instrumental in driving Vietnam’s technological innovation and industrial advancement, and will continue to play a pivotal role in supporting Vietnam’s transformation into an economy centred on high-tech industries in the years ahead,” he said.

Yeon, who is also chairman of the Korea Chamber of Business in Vietnam, however, said that there are growing concerns that the proposed amendments may substantially affect the investment incentives previously granted to foreign-invested enterprises (FIEs) under existing commitments.

“Should the revisions result in a reduction of the incentives promised by the government, or weaken the investment competitiveness of FIEs, this could have adverse implications for Vietnam’s medium- and long-term development goals, including investment expansion, technology transfer, and human resource development,” he said.

“Therefore, we respectfully request the prime minister’s thoughtful guidance and consideration to ensure that the amendments are formulated and implemented in a rational, transparent, and balanced manner,” he recommended.

Vietnam has set ambitious development targets for the coming time, including net-zero emissions by 2050, deeper global value-chain integration, and rapid digitalisation across government and industry. Achieving these aspirational goals requires a transformational approach by advancing green growth and digital innovation concurrently.

David John Whitehead, a representative of the Australian Chamber of Commerce, said digital transformation is reshaping Vietnam’s economy, with opportunities across e-commerce, financial services, logistics, agribusiness, manufacturing, e-government, and education, together with implementation of advanced technologies.

“We would like to see standardised digital procedures nationwide, issuance of clear guidelines to provinces for capacity building, upgrade of digital administration systems, promotion of globally aligned cybersecurity principles, enabling of cross-border data flows, and upgrading of digital public infrastructure,” he said.

“To realise the shared vision of a competitive, green, and digital Vietnam, we believe the policy environment must continue focusing on regulatory clarity, consistency in reforms across provinces, efficient facilitation of investment and public-private partnerships, and development of robust energy and digital infrastructure,” he added.

Mark Gillin, chairman of the American Chamber of Commerce in Vietnam (AmCham) said that it commends Vietnam’s efforts to boost science, technology, and innovation that lay the groundwork for a sustainable digital ecosystem.

“To fully realise this potential, digital regulations should be harmonised and transparent. Data localisation or overlapping licensing rules may slow the adoption of technologies that support green growth,” he said. “By adopting globally aligned frameworks, Vietnam can attract more investment in digital solutions that improve energy efficiency, optimise logistics, and empower enterprises to participate in green supply chains.”

Gillin, who is also chairman and managing director of America Indochina Management, noted that AmCham supports reforms to promote Vietnam’s creative and digital industries, from online content to advertising, through transparent regulations that encourage innovation while maintaining compliance with international norms.

According to the Ministry of Finance, to achieve the goal of building the country into a developed nation by 2045, it is necessary to shift the focus of attracting foreign investment to high-tech and innovative projects.

Minister of Finance Nguyen Van Thang said Vietnam will prioritise high-tech, innovative, high value-added, environmentally friendly projects, instead of pursuing quantity at all costs. “Vietnam’s strategic partners such as the G7, South Korea, Japan, Singapore, Taiwan, the US, and the EU will be the focus of promoting investment attraction associated with the fields that Vietnam is encouraging development,” Minister Thang said.

Vietnam is emerging as a magnet for FIEs in the technology industry. From gene sequencing technology to AI and semiconductors, high-tech giants have been continuously increasing their presence in Vietnam.

For instance, in April, Qualcomm announced the acquisition of MovianAI, a VinAI subsidiary. This is the second prominent deal in the AI field of an American company, after Nvidia’s acquisition of Vingroup’s VinBrain at the end of last year.

Qualcomm also plans to build the world’s third-largest research and development centre in Vietnam, specialising in AI.

Kenneth Tse, vice president and general director of Intel Products Vietnam, said that more and more global high-tech corporations are moving their production supply chains to Vietnam, which will create fierce competition for talent.

“In addition, as Vietnam develops in the high-tech industry, infrastructure such as electricity production and supply, and highways need to be one step ahead. Along with that, American businesses expect more supportive policies on taxes and procedures,” Tse said. “Having a one-stop mechanism will support existing FIEs, while also attracting new companies to Vietnam.”

Associate Vietnam Business Forum members represent more than 4,000 FIEs and billions of US dollars in foreign investment in Vietnam from Australia, Taiwan, Hong Kong, India, Singapore, Switzerland, and Thailand.