Global tech, auto giants ask Vietnam to further facilitate investments

Executives of world-leading tech giants such as Google, Siemens, Visa, Qualcomm, and Ericsson have affirmed their commitment to expanding operations in Vietnam and proposed more favorable conditions be created to invest in strategic sectors.

At a dialogue with Vietnamese Prime Minister Pham Minh Chinh in Davos, Switzerland, on Tuesday on the sidelines of the World Economic Forum (WEF), the executives highly regarded Vietnam's vision in the field of technology as well as its commitment to achieving net zero greenhouse gas emissions by 2050, along with the promotion of green and sustainable economic development.

The event also drew the participation of representatives from Mitsubishi Heavy Industries, H&M Hennes & Mauritz, Mahindra, PSA International, and JANZZ.

They expressed hope the government would continue facilitating their collaboration with Vietnamese partners, particularly in technology, innovation, semiconductors, artificial intelligence (AI), and strategic infrastructure.

After two years of implementing a national strategy on AI development, Vietnam has climbed seven notches in an AI readiness index to 55 out of 181 rated countries globally, the dialogue heard.

The country boasts around 50 AI-related education and training centers and has created a conducive environment for AI firms around the world to develop operations in multiple fields such as health, communications, education, cybersecurity, finance, smart factory, smart city, and semiconductors.

For the auto industry, Vietnam has issued a national green growth strategy for the 2021-2030 period, with a vision until 2050, setting a roadmap for electrifying means of transport and using green and clean energy in transportation.

Vietnam is also pursuing the development of a semiconductor industry and a related ecosystem. It will soon adopt a semiconductor strategy and a project to train 50,000 related engineers to meet the demands of foreign and domestic firms in this field.

Speaking at the dialogue, PM Chinh highlighted Vietnam’s 2023 economic achievements despite headwinds, including macroeconomic stability and registered foreign direct investment of nearly $37 billion.

Chinh revealed that Vietnam aims to join all three phases of the semiconductor industry, which are design, fabrication, and packaging and testing. The government is focusing on developing information and communications technology and the workforce, and will soon announce appropriate incentives.

He expressed his hope that businesses will sustain their long-term, stable, and effective investments in Vietnam and reiterated the commitment to accompany investors in the spirit of “harmonious interests and shared risks”.