Friday , June 21 2024

Intel to pour more investment in Vietnam


Intel Corporation will continue to invest in Vietnam, Kim Huat Ooi, Vice President in Manufacturing, Supply Chain and Operations, and General Manager of Intel Products Vietnam told Tuoi Tre (Youth) Newspaper.

The year 2022 has affirmed the importance of Vietnam to the U.S. semiconductor giant and vice versa, he said, adding that these performance and efficiency results underpin the need to inject more capital into the Southeast Asian country.

By the end of 2021, the Intel Corporation had injected a total of $1.5 billion in Vietnam and it wants to keep investing and that is certainly what Intel will do, he said.

Intel Products Vietnam (IPV) is now the largest of the four factories in terms of assembly and testing, he noted.

Regarding the possibility that IPV will be upgraded to participate in more stages of the chip production process, he said that their current plan is to focus on packaging and testing.

To attract more investors, it is necessary for the Vietnamese government to review the current business support programmes, especially the preferential tax rates, he said, elaborating that other countries such as the Philippines, Malaysia and Indonesia are making similar moves.

These countries and Vietnam have focused on using corporate income tax programmes to support and attract investors. He cited the U.S. and European chip laws that have been approved as typical examples.

The modernisation of incentive programmes to support businesses will be an essential action that the Government of Vietnam needs to adopt to assist businesses, along with the advantages of labour costs and political stability.

According to Kim, the number of foreign companies in the Southeast Asian country will increase in the future. He also highlighted the necessity of solving such problems as government incentives and streamlining administrative procedures.

The current model that businesses are moving towards must be resilient and geographically balanced, he added.

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