Hana Micron from South Korea plans to invest $1 billion in chip production in Vietnam by 2025, the Government News quoted Nikkei Asia as reporting.

This is the latest in a wave of semiconductor investments flooding into the country, Nikkei Asia wrote in a recent article.

The South Korean manufacturer of chip packaging and memory products told Nikkei Asia that it is moving equipment to its new second factory in northern Bac Giang province.

The province hosts three Apple suppliers and, together with neighboring Bac Ninh, is known for making the bulk of Samsung phones globally.

The chip industry was a focus of US President Joe Biden’s trip to Vietnam in September, when his office said US companies Amkor and Marvell will expand in the country. Days later, Prime Minister Pham Minh Chinh toured the US facilities of Nvidia and Synopsys seeking further investment.

“Hana Micron’s Bac Giang project plays a key role in the socio-economic development of the region and ... follows the development direction of the government,” its Human Resources Manager Hwang Chul Min told Nikkei. “It will create opportunities to attract more high-tech projects and lay the foundation for the development of the semiconductor production ecosystem.”

In a recent interview with VGP, Country Director of the Asian Development Bank (ADB) for Vietnam, Shantanu Chakraborty, said FDI has been popular in the country, especially over the last couple of years. Vietnam has emerged as a powerhouse in the region in FDI attraction.

This year, as of September 20, it attracted nearly $20.21 billion in FDI, representing a year-on-year increase of 7.7 per cent, according to the Foreign Investment Agency at the Ministry of Planning and Investment.