Wade Cruse, head of customer service for Bain & Company in Asia, speaks at an event in Ho Chi Minh City on September 7, 2023. Photo provided by the company.
Vietnam and India are among the top countries where global semiconductor makers are considering investing, according to a senior executive at US consultancy Bain & Company.
Many Bain & Company clients have said Vietnam is first or second in their semiconductor investment plan, said Wade Cruse, head of Bain & Company’s client practice in Asia, during the opening of the company’s first office in Vietnam in Ho Chi. Minh City on Thursday.
There are 40 companies in the semiconductor sector in Vietnam, but 38 are foreign direct investment companies.
American companies Amkor Technology and Intel have installed semiconductor facilities in Vietnam.
In July, US Treasury Secretary Janet Yellen said her country was ready to help Vietnam produce semiconductors.
Semiconductors are also expected to be a topic of discussion during US President Joe Biden’s visit to Vietnam on September 10, according to Reuters.
Cruse said Vietnam’s semiconductor ecosystem is growing, along with local talent and technology as well as the creation of small businesses.
The recent development of the industry supports this assertion. American company Marvell Technology announced plans in May to develop a leading integrated circuit design center in HCMC.
On Wednesday, the Electronics and Semiconductor Center was inaugurated in Saigon High-Tech Park.
HCMC expressed support for continued semiconductor research. Its president Phan Van Mai said HCMC is committed to being the country’s semiconductor development center and innovation hub.
