Vietnam will begin to implement a national strategy on semiconductor development from 2024 with the aim of developing it into a key national industry over the next 30-50 years, Minister of Information and Communications Nguyen Manh Hung has said.

He made the statement while addressing the fifth national forum on the development of digital technology businesses, which opened in northern Quang Ninh province on December 11. 

Minister Hung said developing the semiconductor industry is an opportunity for Vietnam to revive its electronics industry, such as electronic consumer products, electronic medical products, and electronic industrial products, particularly as the industry is entering into a transition process towards AI and the Internet of Things (IoT).

Semiconductors are at the core of digital transformation, and digital transformation is the biggest market for chip semiconductors, he said.

With a population of 100 million, Vietnam is a major market that is undergoing rapid development, industrialization, and digital transformation, creating favorable conditions for the development of the semiconductor industry, he said.

Within the framework of the forum, the ministry will hold a ceremony to award the “Make in Vietnam Digital Technology Products 2023” to honor Vietnamese businesses and organizations with products, solutions, and services to help resolve global issues.

Vietnam’s digital technology industry has developed remarkably since 2019, according to Minister Hung. The number of digital technology enterprises has risen by 30 per cent and digital technology revenue by 32 per cent.