Vietnam is seeing great opportunities to turn the semiconductor industry into a critical national one in the next 30-50 years.

Vietnam boasts huge potential to develop semiconductor and AI industries, and pledges to create favourable conditions for NVIDIA corporation, a leading chip producer in the US, Minister of Planning and Investment Nguyen Chi Dung said on December 11.

Minister of Information and Communications Nguyen Manh Hung late last week had a meeting with a delegation from the US Semiconductor Industry Association (SIA) led by John Neuffer, SIA’s President and CEO, who was on a business trip in Vietnam.

A report from Fulbright University shows that Vietnam needs 20,000 engineers in the semiconductor industry in the next five years and 50,000 in the next 10 years.

In the near future, Vietnam will become a reliable partner and an important link in the global semiconductor manufacturing and supply chains, according to Minister of Planning and Investment Nguyen Chi Dung.

The global semiconductor chip market is expected to record a CAGR of 7.1 per cent from 2023 to 2032.

FPT Semiconductor CEO Nguyen Vinh Quang says that Vietnam is capable of making chips with a performance equal to 90 percent and a production cost of 50-60 percent of foreign-made products.

Thorough preparations, especially in human resources training, are needed for Vietnam to anticipate opportunities of the semiconductor industry expected to continue growing rapidly in the coming time.

The Vietnam Semiconductor Innovation Network made its debut on October 29 within the framework of the Vietnam Semiconductor Summit.

Labor experts believe that new graduates majoring in microchip design can earn VND220 million a year after tax, while veteran engineers can earn up to VND1.5 billion.

Vietnam is expected to attract foreign experts and technologies, especially overseas Vietnamese scientists working in the semiconductor industry.

Da Nang University on Thursday hosted a workshop, with the primary objective of nurturing the growth of top-tier human resources tailored for the semiconductor chip industry in Vietnamese higher education institutions.

Vietnam’s economy is believed to have overcome the most difficult period and is on the way to recovery. Analysts say that a decade of breakthroughs is ahead.

Vietnam's workforce demand in the semiconductor–microchip field is forecast to be around 20,000 engineers for the next five years, and 50,000 engineers in the next 10 years, according to economists from the Fullbright University.

Vietnam could provide about 50,000 semiconductor engineers to the US by 2030.

Vietnam is making strong progress in advancing its standing in the global semiconductor supply chain as many of the world’s largest chip manufacturers have landed in the Southeast Asian nation, insiders said.

Promoting an ecosystem supporting semiconductor chip manufacturing businesses will help Vietnam attract major chip manufacturers.

Despite daunting challenges in the trade sector across the globe, Vietnam has been persistent in its goal of luring high-quality foreign direct investment, with the semiconductor industry expected to breath fresh air into the nation’s economy.

Deputy Minister of Information and Communications Nguyen Huy Dung said Vietnam will accelerate the process of joining the regional semiconductor ecosystem to attract semiconductor enterprises to come to Vietnam and manufacture and conduct R&D.

A community of microchip designers with over 30 firms and 5,000 designing engineers is being formed in Vietnam.