U.S.-based LAM Research to mull over US$1 bln high-tech investment in Viet Nam

Karthik Rammohan, Group Vice President of Global Operations at Lam Research, said the group is looking to expand operations and diversify its supply chain in Asia, including Viet Nam.

Karthik Rammohan made the above statement during his meeting with Prime Minister Pham Minh Chinh in Ha Noi on March 20.

He said, in Viet Nam, the company is planning to collaborate with Seojin Company of South Korea, which already has factories in northern Bac Ninh and Bac Giang provinces, to develop factories and establish a supply chain with an investment of US$1-2 billion in the first phase.

After the first phase, it will possibly invest directly or expand its operations in the Southeast Asian country.

He expressed his delight at Viet Nam's investment promotion policies and programs that could support the development of a domestic supply chain ecosystem for the semiconductor industry.

For his part, the Prime Minister said Viet Nam welcomes and encourages investments in hi-tech and semiconductor industries through adopting appropriate mechanisms, incentives and modern infrastructure.

He highlighted sci-tech and innovation as important cooperation areas in Viet Nam's comprehensive strategic partnerships with both the U.S. and South Korea.

Pham noted Viet Nam's efforts in training a workforce of 50,000-100,000 engineers by 2030 to meet the demand of enterprises.

Meanwhile, major tech players such as Samsung, Intel, and Foxconn are already present in Viet Nam, he said, adding that many other leading global corporations are continuing to explore investment opportunities in the Southeast Asian country.

Lam Research, one of the leading U.S. semiconductor manufacturing equipment providers, recorded a revenue of US$19 billion in 2022. As of March 2023, it had employed over 18,700 employees.