Vietnam, Singapore Step Up Cooperation in Semiconductor Industry Development

Vietnam is accelerating the development of its semiconductor industry and deepening its integration into the global value chain through enhanced cooperation with Singapore. Vietnam has been identified as a key market for Samsung Electronics in developing high-tech human resources. The country currently boasts around 60 chip design companies, approximately 7,000 chip design engineers, and 166 universities offering semiconductor-related training programs. Initial registrations indicate a demand for prototyping of about 30,000 chips. Economically, Vietnam's GDP expanded by 8.18% in the first half of the year, marking the highest growth rate in recent years, driven by the synchronized operation of key growth drivers. The CPTPP has significantly expanded Vietnam's access to major markets in North America, the EU, and the Asia-Pacific, contributing to strong export growth in sectors like textiles, garments, footwear, and agricultural, forestry, and fishery products. It has also encouraged investment by promoting regional production networks and clearer rules of origin. Amidst global economic uncertainty, the government is implementing a broad range of measures to bolster export growth. These include expanding overseas markets through economic diplomacy, maximizing the benefits of free trade agreements (FTAs), streamlining administrative procedures, reducing logistics costs, improving access to credit, and assisting businesses in overcoming trade barriers. Authorities are also encouraging deeper processing, official cross-border exports, and greater market diversification to enhance the competitiveness of Vietnamese products. The continued choice of Vietnam by global buyers as a sourcing destination reflects the country's growing position in international supply chains. Infrastructure development is also progressing, with major road projects accelerating around Long Thanh International Airport to complement expressways and ring roads linked to the country's largest airport. A 42MW wind farm is expected to generate approximately 123,780.8 MWh of electricity annually, to be transmitted to the national grid. In the new energy economy, Vietnam aims to generate value not only from underground resources but also from technology, data, infrastructure, operational capabilities, and supply chain connectivity. Source: VietnamPlus English