Bắc Ninh
Vietnam offers 50% investment subsidy to attract semiconductor and AI investments
The Vietnamese government now offers up to 50% of initial investment cost to major R&D projects in the semiconductor and AI industries.
The financial support, outlined in a decree which was issued on Dec. 31, applies to projects with a minimum investment of VND3 trillion (US$118 million).
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Prime Minister Pham Minh Chinh meets with Nvidia CEO Jensen Huang in Vietnam. |
The project developer must disburse at least VND1 trillion of the registered capital within three years of receiving the investment approval.
The developer must not have outstanding tax or debts to the government.
The project must positively impact the innovation ecosystem and foster the development of breakthrough technologies and products.
The government will also provide financial support for other high-tech projects, including the costs of training and talent development, R&D, asset investment, production and infrastructure.
The money for these supports will be sourced from the Investment Support Fund established by the government and managed by the Ministry of Planning and Investment.
Vietnam has previously missed out on billion-dollar investments from multinationals due to the lack of inadequate policies which lack diversity, the ministry has said previously.
Due to the lack of specific incentives in Vietnam, some large companies have not chosen to invest in the country after conducting preliminary studies, it said in a report last year.
Intel shifted a proposed $3.3 billion chip manufacturing project to Poland after Vietnam did not meet its 15% cash support request.
Austria’s AT&S opted for Malaysia due to Vietnam's limited financial support and high-tech labor availability.
LG paused a $5 billion electronics manufacturing project pending supportive policy developments.
Vietnam's education ministry has requested universities to have policies to encourage admission of students in semiconductor fields, including tuition waivers and scholarships.
Vietnam’s goal is not only to participate in the global value chain but also to build an advanced and attractive semiconductor industry ecosystem in the region and the world, which will help the country achieve self-reliance and sustainable development in this field. Currently, Vietnam has met the necessary conditions to be ready to welcome and cooperate with enterprises and investors from all over the world in the semiconductor industry.
The Ministry of Science and Technology (MoST) is rolling out a comprehensive plan to implement the Semiconductor Industry Development Strategy by 2030, with a vision toward 2050, which aims to position Vietnam as a leading player in the global semiconductor sector over the next six years.
The Vietnam Semiconductor Industry Exhibition 2024 kicked off at the Vietnam National Innovation Centre (NIC), Hoa Lac Hi-tech Park in Hanoi, on November 7 under the theme ‘Elevating Vietnam to the Global Semiconductor Supply Chain’.
A symposium on innovation and human resources development in the semiconductor industry opened in Fukuoka city, Japan on October 29, marking a significant milestone in Vietnam-Japan cooperation in this field.
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