This is part of a new strategy being drafted by the ministry to lure semiconductor companies to high-tech parks and special processing zones in Viet Nam, the minister informed domestic and foreign investors at the opening ceremony of the Innovate Viet Nam 2024 on Tuesday.

Nguyen said semiconductor companies may only be required to apply for business license in a move to simplify administrative procedures.

The ministry planned to establish a support fund for high-tech enterprises, including those operating in semiconductor and artificial intelligence fields, he added.

The Vietnamese Government has identified semiconductor industry as a major driving force for national transformation process, said the ministry.

He went on to say that Viet Nam has certain advantages in favor of semiconductor industry development such as political stability and high political determination, young and enthusiastic population.

The Southeast Asian country has adopted a strategy for semiconductor industry development through 2030 with vision to 2050 and a project to train 50,000 semiconductor engineers by 2030.

The nation has gradually establish a semiconductor ecosystem with the participation of foreign tech giants like Google, Meta, NVIDIA, AMD, Qualcomm, Intel, Amkor, Hana Micron, LAM Research, Marvell, Cadence, Synopsys, Qorvo and Ampere./.