Gov’t establishes national committee for semiconductor industry

Prime Minister Pham Minh Chinh has decided to establish a national steering committee for semiconductor industry development. 

The committee will be led by the Prime Minister who is assisted by the Minister of Planning and Investment as a permanent deputy head and the Minister of Information and Communications as a deputy head.

Members of the committee include the Minister-Chairman of the Government Office, Ministers of Foreign Affairs, Education and Training, Science and Technology, Transport, Finance, Justice, Natural Resources and Environment and Transport.

The committee is in charge of putting forward recommendations and solutions to promote the development of the semiconductor industry in Viet Nam.

It is tasked to coordinate relevant ministries and ministerial-level agencies, Government bodies and organizations to accelerate the semiconductor industry development.

Over the past decade, Viet Nam's semiconductor industry has seen remarkable growth. Official data showed the sector reported a 7.1 percent compound annual growth rate (2016-2021), propelling the market value to over US$18.2 billion in 2022.

Forecasts predict continued expansion, with an anticipated 7.5 percent compound annual growth rate in the period of 2022-2027, reaching over US$26.2 billion by 2027.

Viet Nam is now among the top 10 global exporters of semiconductor devices and integrated circuits, ranking 9th in both categories.

Impressively, the country commands a substantial market share, contributing around 2 percent of the total value derived from exports in these sectors, according to data from the Observatory of Economic Complexity (OEC).

Viet Nam is now the third-largest Asian exporter of semiconductors to the U.S., after Malaysia and Taiwan (China).