Under a draft decree built by the Ministry of Planning and Investment (MPI), businesses in the fields of high technology, semiconductor or AI are expected to get investment licenses to operate in high-tech industrial parks and processing and export zones no later than 15 working days after completing their registration, according to the leader of the ministry, Mr. Nguyen Chi Dung.

Addressing a seminar held in Hanoi on October 1 about businesses and the young generations ahead of the wave of AI and semiconductor, Minister Dung stressed that Vietnam considered the semiconductor industry as an important growth driver and the country has necessary factors to develop the industry.

The minister noted that Vietnam has stable political system and strong commitment to hi-tech industries. The country is focusing on driving digital transformation, green transition, science and technology, and innovation to achieve breakthroughs in productivity, quality, and economic competitiveness.

With a population of over 100 million people and a vibrant, enthusiastic youth generation skilled in sci-tech, engineering and mathematics, Vietnam is experiencing a golden demographic period, he said.

Vietnam has issued many incentives to attract businesses and investors to develop the semiconductor industry in Vietnam such as the national strategy for semiconductor industry development until 2030, with orientations to 2050 and a master plan on training and developing human resources for information security in the 2021-2025 period.

Vietnam has gradually completed investment policy system to create favorable business and investment environment for AI and semiconductor enterprises. The MPI will soon establish an investment support fund to facilitate investments in this field, according to Minister Dung.  

Vietnam established a National Steering Committee for the development of the semiconductor industry, chaired by the Prime Minister; the National Innovation Centre (NIC) under the MPI; and three hi-tech zones in Ho Chi Minh City, Hanoi, and Da Nang with many attractive incentives.