The year 2022 has affirmed the importance of Vietnam to the U.S. semiconductor giant and vice versa, he said, adding that these performance and efficiency results underpin the need to inject more capital into the Southeast Asian country.

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By the end of 2021, the Intel Corporation had injected a total of $1.5 billion in Vietnam and it wants to keep investing and that is certainly what Intel will do, he said.

Intel Products Vietnam (IPV) is now the largest of the four factories in terms of assembly and testing, he noted.

Regarding the possibility that IPV will be upgraded to participate in more stages of the chip production process, he said that their current plan is to focus on packaging and testing.

To attract more investors, it is necessary for the Vietnamese government to review the current business support programmes, especially the preferential tax rates, he said, elaborating that other countries such as the Philippines, Malaysia and Indonesia are making similar moves.

These countries and Vietnam have focused on using corporate income tax programmes to support and attract investors. He cited the U.S. and European chip laws that have been approved as typical examples.

The modernisation of incentive programmes to support businesses will be an essential action that the Government of Vietnam needs to adopt to assist businesses, along with the advantages of labour costs and political stability.

According to Kim, the number of foreign companies in the Southeast Asian country will increase in the future. He also highlighted the necessity of solving such problems as government incentives and streamlining administrative procedures.

The current model that businesses are moving towards must be resilient and geographically balanced, he added.

LG Innotek Vietnam Hai Phong raises investment by 1 billion USD

The People's Committee of northern Hai Phong city held a conference on June 26 to present a certificate to LG Innotek approving its additional capital of 1 billion USD from 2023-2025, raising the company's total investment to over 2 billion USD.

More work needed to improve administrative procedures on investment

Improvements in the group of investment administrative procedures are still slow and not yet in sync with policies to attract investment at the local level.

Buidl Vietnam 2023 opens up investment opportunities

Buidl Vietnam 2023, the country's leading community festival for web3 builders and founders, is underway in Ho Chi Minh City, aiming to foster a healthy and sustainable blockchain community, introduce and connect capable developers to the blockchain ecosystem in Vietnam.

Provincial National Assembly Delegation surveys investment and production at Hoa Phu industrial park

(BGO) – The National Assembly (NA) Delegation of Bac Giang province led by Duong Van Thai, Member of the Party Central Committee, Secretary of the Bac Giang provincial Party Committee (PPC), Head of the provincial NA Delegation on June 13 paid a field trip to survey the investment, production and business situation at Hoa Phu industrial park in Hiep Hoa district.

Bac Giang improves quality of investment attraction

The northern province of Bac Giang will focus on improving the quality of investment promotion work in the near future, said Chairman of the provincial People’s Committee Le Anh Duong.

Source: VnExpress