The year 2024 marked a brilliant milestone in attracting investment from the world's leading technology corporations.

The investments of billions of dollars not only demonstrated the attractiveness of the Vietnamese market, but also opened up opportunities for the country to become a high-tech hub in the region.

The high-tech manufacturing sector saw large investments in Vietnam in 2024. After inaugurating its factory in Vietnam in October 2023, in the first half of 2024 Amkor Technology poured an additional $1.07 billion into its production base in Vietnam.

Amkor is one of the world’s largest providers of semiconductor packaging and testing services. Its presence in Vietnam helps the country integrate deeper into the global semiconductor chip supply chain, a key industry that is driving the development of the technology world.

LG also increased its total investment capital in Vietnam by $2.35 billion in 2024 in order to expand its production scale, which shows the group’s confidence in the bright future of the electronics industry in Vietnam.

Foxconn, Apple’s manufacturing partner, poured $550 million more into two smart device manufacturing projects in Quang Ninh province.

Meanwhile, Samsung has invested an additional $1.8 billion into the LED plant in Bac Ninh, cementing its position as the largest foreign investor in Vietnam.

Multi-billion dollar projects in electronics help reinforce Vietnam’s production capability, generate thousands of jobs and boost the development of the domestic technological ecosystem.

Vietnam also witnessed many M&A deals last year.

Nvidia bought VinBrain, a startup in AI initiated by Vingroup, which was one of the best known deals in 2024. The deal not only brought financial and technological resources, but also helped Vietnam’s tech firms level up in the international market.

With support from Nvidia, VinBrain will have more opportunities to develop advanced AI solutions, especially in healthcare, a sector with high potential.

Also in 2024, the government of Vietnam and Nvidia signed an agreement on cooperation and establishment of an AI R&D center and AI Data center.

The move is an important strategic move for Vietnam to gradually become a bright AI spot in the region.

Many other technology firms have also made commitments for strategic investments in Vietnam, creating driving force for new technologies.

SpaceX, the world’s leading aerospace technology corporation, has announced the plan to invest $1.5 billion in Vietnam. Alibaba, a Chinese large e-commerce group, has also joined the Vietnamese market with the plan to build up a data center.

Google, the US tech giant, jumped into the Vietnamese market by officially setting up Google Vietnam.

The presence of global technology corporations and their investments will make positive changes to Vietnam’s technology, and create a foundation for sustainable development in the future.

With a stable economic environment, open investment policies, and young and creative workforce, Vietnam is becoming a first destination for global investors in technology.

Nikkei news commented that Vietnam has become a ‘magnet’ that attracts global semiconductor companies thanks to its talented workforce and reasonable costs.

Alchip Technologies, a provider of AI chip design services from Taiwan (China), is expanding its R&D workforce in Vietnam, where it plans to open first office this year.  CFO Daniel Wang said the company is considering expanding its staff in Vietnam to 100 engineers in the next 2-3 years.

Explaining the appeal of Vietnam, CEO and Chair Johnny Shen of Alchip Technologies said Vietnam’s technical talent pool and strong work ethic make the country a very attractive option for the investor. 

“We are impressed by the dedication and commitment of Vietnamese engineers who are eager to learn and contribute,” he said.

South Korean companies are also heading for Vietnam, partly to offset the brain drain at home. According to Nikkei, Vietnam most often appears in discussions of South Korean business leaders and officials.

The availability of technology talents during a period of scarcity could help Vietnam achieve its goal of increasing the value of its supply chain. Marvell describes Vietnam as a “strategic location for developing technical talent.”

In late 2024, the Politburo’s Resolution 57 on breakthroughs in science, technology, innovation and digital transformation was released, affirming the special role of the factors in the country’s development in the upcoming period.

Trong Dat