Is there going to be a big policy package to support the semiconductor and chip industry?
Minister of Planning and Investment Nguyen Chi Dung requested research into policy packages with a large enough scale and feasibility to support businesses and promote new growth drivers such as chips, semiconductors, digital transformation, green transformation…
FDI disbursement in 6 months increased the highest in the same period of 5 years
According to the Ministry of Planning and Investment, in recent times, grasping the potential and advantages in the semiconductor industry , the Ministry of Planning and Investment has advised competent authorities to gradually perfect the system of policies and laws on investment and business to create favorable conditions for investors; deploying many solutions to support businesses to participate more deeply in the global supply chain in the semiconductor industry.
Minister of Planning and Investment Nguyen Chi Dung has directly worked with the world’s leading semiconductor corporations to attract investment and promote support for Vietnam in training and capacity building in semiconductors, artificial intelligence (AI), etc.
Speaking at the conference to review the situation in the first 6 months of the year and deploy tasks for the last 6 months of the year of the Planning, Investment and Statistics sector this afternoon, July 15, Minister Nguyen Chi Dung emphasized that one of the outstanding results of the whole sector in the first half of the year is to promote economic dialogue with comprehensive strategic partners, strategic partners of Vietnam (such as the US, Korea, China…).
In addition, attract large investors in the fields of chips, semiconductors, AI, etc.; work with associations and businesses to remove difficulties and obstacles. “Attract large FDI projects in the fields of semiconductors, electronics, energy, etc. to receive new investment and expand capital increase,” said Mr. Dung.
In terms of attracting foreign investment, in the first half of the year, Vietnam’s economy continued to demonstrate its remarkable attractiveness. In the past 6 months, foreign direct investment attraction increased significantly, with total registered capital reaching nearly 15.2 billion USD, up 13.1% over the same period in 2023; of which newly registered capital increased by 46.9%.
Disbursed FDI capital reached 10.84 billion USD, up 8.2%, the highest increase compared to the same period in the past 5 years. “This reflects that foreign investors are fulfilling their commitments in the Vietnamese market; at the same time, it reflects the economy’s capacity to absorb and disburse investment capital, promoting economic growth in 2024 and the following years…”, the Ministry of Planning and Investment assessed.
Researching a large enough policy package to support the semiconductor industry
According to the head of the Planning and Investment sector, at the recent online conference with localities, the Government has decided on a growth scenario for 2024 to strive for an upper limit of 6.5 – 7%, higher than the target of 6 – 6.5% in the National Assembly’s resolution.
This target is also much higher than the forecasts of international organizations such as: The International Monetary Fund (IMF) forecasts Vietnam’s growth in 2024 at 5.8%; The World Bank (WB) is 5.5%; The Asian Development Bank (ADB) is 6%…
Meanwhile, the context and situation in the coming time are forecasted to still have many difficulties and challenges, from both outside and inside the economy.
In addition to the difficult production and business situation, slow recovery of private investment, slow increase in domestic purchasing power, and high production costs, Mr. Dung also emphasized: “Many businesses and business households have to transfer and return rented premises in commercial centers and central streets.”
The Minister of Planning and Investment stated that the real estate market has initially stabilized, but difficulties and problems are still slow to be resolved. At the same time, new industries and fields such as digital economy, green economy, AI, chips, semiconductors, etc. have not had clear changes, and are at risk of not being able to catch up with the world and the region.
There are still many problems in institutions, policies, and legal regulations that need to be resolved. There is still a situation where a number of officials and civil servants avoid, shirk responsibility, are afraid of responsibility, are indifferent, apathetic, harass, and cause trouble… which was also mentioned by Mr. Dung.
Referring to the key tasks that the entire industry needs to carry out in the second half of the year, according to the Minister of Planning and Investment: “It is necessary to identify institutional reform as a breakthrough and driving force for development; proactively advise and propose amendments to problematic and inadequate regulations and promote decentralization and delegation of power.
Closely coordinate with the Ministry of Justice, ministries and agencies to review legal problems at the legal and sub-legal levels, and make recommendations to the steering committee headed by the Prime Minister for consideration and resolution.
In addition, review and immediately amend regulations, administrative procedures, business conditions, standards, technical regulations, etc. that are not suitable to reality, unnecessary for state management, causing difficulties and troubles for businesses. Speed up the removal, resolution and handling of backlogged projects and land to free up resources for development.
“It is necessary to focus on promoting disbursement of public investment capital, striving to disburse public investment capital in 2024 to reach over 95% of the plan assigned by the Prime Minister; creating conditions and environment to attract private investment and FDI capital.
Researching policy packages with a large enough scale, suitable and feasible to support businesses and promote new growth drivers such as chips, semiconductors, digital transformation, green transformation…”, Minister Nguyen Chi Dung emphasized.
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