However the country will need to make fundamental changes and begin specialised research programmes in order to master technology, production and manufacturing over the longer term.

Continuing the questioning and answer sessions at the 15th National Assembly’s 7th sitting on Thursday, Deputy PM Hà laid out the specific conditions that the Government is focusing on in order to address the most pressing issues in the semiconductor industry.

Responding to a question from Deputy Nguyễn Thị Việt Nga from Hải Dương Province about Việt Nam's opportunities, the Deputy PM said that many leading global companies in information technology and within the digital economy, have already established a presence in Việt Nam.

To deeply integrate into the semiconductor industry's value chain, Deputy PM Hà emphasised the need for immediate and continuous training of engineers who have essential understanding of the sector and have them engage in design, packaging and testing within the semiconductor industry.

In addition to training a highly skilled workforce, Việt Nam has the advantage of a large overseas workforce, including Vietnamese individuals already involved in and experienced in this field.

Deputy Prime Minister Trần Hồng Hà speaks at the 15th National Assembly’s questioning and answering session on Thursday. VNA/VNS Photo

Moreover, with appropriate policies, the participation of overseas Vietnamese experts and scientists working in the semiconductor industry can be mobilised. The Government also plans to support businesses in selecting universities to establish semiconductor technology centres and investing in large, modern laboratories for design, production and testing.

He noted that the equipment for designing and manufacturing semiconductor chips is monopolised by a few countries. Therefore, beyond basic scientific research, in-depth research is needed to achieve long-term mastery.

"It is necessary to attract electronics companies producing items that use semiconductor chips, aiming to build a high-tech electronics industry and to train comprehensively in other basic scientific fields," he said.

During the debate on the issue, Deputy Tạ Văn Hạ from Quảng Nam Province asked the Deputy PM to propose policies to attract investors and encourage the activation of the country's inherent potential resources.

Deputy PM Hà said that, in practice, the plan for immediate and continuous training based on the existing workforce has already been considered. Universities are already training students ready to participate in the semiconductor industry.

"However, fully integrating into the value chain and mastering all stages is a significant challenge. Currently, we have the advantage that countries dominating the equipment and related technologies may prioritise transferring some of it. But to truly master the technology, production and manufacturing, both basic and specialised research are required," he said.

Additionally, the Government has directed investments in several science and technology centres for shared research use by schools and innovation centres to develop initial basic research and master subsequent steps.

"These investments are substantial, especially in pilot production, which can amount to $7 billion. Therefore, both the State and businesses need to participate," he said.

Responding to a question from Deputy Mai Thị Phương Hoa, Nam Định Province, on controlling inflation, Deputy PM Hà explained that as an open economy, Việt Nam imports a lot of materials and resources, making it dependent on the global market. Hence, implementing stimulus packages and wage increases might lead to volatility, affecting macroeconomic stability.

Recently, the Government has directed ministries and sectors to implement coordinated solutions to ensure the supply, circulation and distribution of goods, especially those under State price management and control.

Emphasising the close relationship between fiscal policy and monetary policy, the Deputy PM noted that recent Government measures to manage gold price fluctuations have stabilised the currency's value.

Additionally, the Government has promoted policies to stimulate consumption, tourism, shopping and increased public sector investment and essential infrastructure to ensure production and economic growth. Balancing economic growth with inflation control and combining monetary and fiscal policies can help manage prices effectively.

Regarding solutions to ensure electricity for production, raised by Deputy Trần Nhật Minh from Nghệ An Province, Deputy PM Hà said the Government has directed the implementation of power source projects, resolved investment issues in stalled projects and expedited the construction of the 500 kV transmission line (circuit 3).

"Additionally, we are diversifying power sources and ensuring competition through the establishment of direct power purchase agreements for renewable energy and encouraging people and businesses to install rooftop solar panels for self-consumption," he said.

Regarding the question on administrative procedure reform, posed by Deputy Trần Văn Minh from Quảng Bình Province, Deputy PM Hà stated that the Government's top priority this term is to streamline regulatory agencies and reduce most general departments to eliminate intermediary bodies. That aims to cut administrative procedures and integrate multiple procedures into a single system.

He emphasised that the Government has accelerated the application of information technology, the development of national databases and the provision of direct public services.

“Alongside these efforts, there is an ongoing reform of organisational structures and human resources. These are the two biggest issues currently,” he said.

With clearly defined administrative procedures, the Deputy PM said that current obstacles faced by citizens and businesses will be resolved, especially as the Government is considering reducing many steps and procedures.

Additionally, there will be an increase in decentralisation to local authorities for direct implementation, with the roles of central and local supervision clearly defined, he added.

After two and a half days, the 7th session of the 15th NA completed the entire agenda for Q&As.

In his concluding remarks, NA Chairman Trần Thanh Mẫn said that during the session, 162 NA deputies posed questions and 31 engaged in debates. For the 160 deputies who registered but did not get a chance to speak, due to time constraints, the NA Chairman urged them to continue sending their questions to the Prime Minister, Government members and sector leaders in a written form.