South Korea’s Hana Micron Vina Co., which runs the first semiconductor plant in northern Vietnam, plans to increase its investment to over $1 billion by 2025.
The information was revealed during Prime Minister Pham Minh Chinh’s tour to the plant on Saturday.
The firm inaugurated a semiconductor plant worth nearly $600 million in Bac Giang province in mid-September. It has another plant in the neighboring province of Bac Ninh.
Hana Micron Vina expects to earn revenues of $300 million this year and the figure would be $800 million in 2025.
Speaking during the visit, PM Chinh noted that Vietnam is striving to attract foreign investment in the semiconductor industry, to cover all three phases – design, fabrication, and packaging-testing.
He suggested the company to make Vietnam its long-standing production base, increase the localization rate, and transfer technology and know-how.
Chinh asserted that the Vietnamese government always protects legitimate rights and interests of foreign investors, including Hana Micron Vina. It is also open to their feedback and strives to better the operating environment.
According to municipal data, with 345 projects, South Korea is the largest investor in Bac Giang province in terms of number of projects and the second largest in terms of registered capital.
Out of the foreign-invested business community in the province, South Korean companies account for circa 25% of industrial production, 30% of external trade, and 21.3% of budget contribution.
The province is expected to see its economy grow 13.45% this year, among the highest rates nationwide.