HÀ NỘI — The Ministry of Industry and Trade (MoIT) is accelerating moves to fast track the country's semiconductor industry, identifying clear guidelines and responsibilities.

It has started implementing Decision No. 152/QĐ-BCT, approved by the Politburo, to speed up the development of the sector, under a strategy with several targets until 2030 and a vision for 2050.

The strategy focuses on advancing the sector by consistently and effectively implementing key tasks and solutions. Its goal is to encourage participation from organisations and individuals while implementing mechanisms for monitoring, reviewing and evaluating progress.

Minister of Industry and Trade Nguyễn Hồng Diên called for all relevant ministries and governmental organisations to identify priorities, establish clear timelines and adopt a practical, results-driven approach. The emphasis is on ensuring coordinated and decisive implementation to meet the plan's objectives.

Under the decision, the Department of Industrial Development under the MoIT has been appointed as the lead agency responsible for overseeing the plan. It has been tasked with monitoring progress, compiling reports and recommending adjustments as needed to maintain alignment with strategic goals. Meanwhile, the ministry is to work closely with the Ministry of Finance to secure the necessary financial resources.

Units assigned specific responsibilities were told to prepare detailed plans, including content and cost estimates, which will be submitted to the Planning and Finance Department for review and budget allocation. Units are also encouraged to look for additional resources to support implementation.

Progress reports are made mandatory for all units and will be reviewed by the department to ensure consistent oversight and add necessary updates to the plan.

Economists and policymakers said the decision reflected Việt Nam's commitment to positioning itself as a key player in the global semiconductor industry by 2030 with a clear and focused approach to realise its potential, as well as its advantages, paving the way for long-term growth and technological advancement.

In recent years, Việt Nam has attracted substantial foreign investments in its semiconductor sector. Notably, South Korea's Hana Micron has invested approximately US$930 million, and US-based Amkor Technology has announced a $1.6 billion plan for a major facility in the country. Intel also operates its largest back-end chip factory here, with these investments underscoring the Southeast Asian economy's importance in the global semiconductor supply chain.

The semiconductor market in Việt Nam has been experiencing robust growth. Revenue is projected to reach $21.45 billion in 2025, with integrated circuits dominating the market at an estimated $18.33 billion. The market is expected to show an annual growth rate (CAGR) of 9.99 per cent from 2025 to 2029, resulting in a market volume of $31.39 billion by 2029, according to data gatherer Statista. — VNS