Vietnam’s stable business environment and young labor force have helped Intel overcome the semiconductor shortage crisis, a senior company leader said.
The country’s stable socio-political environment, increasingly liberalized trade and investment policies, and a young and talented workforce are some of the reasons why Vietnam has become attractive to multinationals, especially tech companies like Intel, general manager of Asia Pacific and Japan Steve Long told.
Intel's facility at Saigon Hi-Tech Park, Ho Chi Minh City.
Vietnam has the capability to set up infrastructure and necessary policies to support advanced manufacturing, he said, adding that the presence of Intel also helps bring Vietnam to the high-tech world map.
Intel Products Vietnam (IPV) is Intel's largest assembly and test factory in its worldwide manufacturing network.
With 2,800 employees and an investment of $1.5 billion, this is the biggest U.S. high-tech company in Vietnam.
As of 2021, IPV has delivered over three billion products to customers worldwide after 15 years of operation.
Intel experts in Vietnam have also come up with a new initiative to make semiconductor manufacturing 80 percent faster, said Kim Huat Ooi, vice president in manufacturing and operations and general manager of IPV.
This initiative allows the factory to produce millions of semiconductors more each year, opening the door for Intel to increase its profit by over $2 billion, he added.
PM Pham Minh Chinh meets US business community
Cooperation activities between Vietnam and the US continue to develop deeply in all fields, particularly in investment and finance, with businesses of the two countries playing a very important role, said Prime Minister Pham Minh Chinh.
E-invoice applied at more than 3,600 businesses and economic organizations in Bac Giang
(BGO) - Under the direction of the Government and Ministry of Finance
on applying electronic invoice (e-invoice) for enterprises, economic
organizations, household businesses and individuals in 57 centrally-run
provinces and cities, since April, the taxation department of Bac Giang
province has highly focused on training, communicating and instructing tax
payers to change from paper invoice to e-invoice as Circular No 78/2021 of the Ministry of Finance.
Substantial reform of business conditions
The results of the Provincial Competitiveness Index (PCI) in 2021, recently announced by the Vietnam Federation of Trade and Industry (VCCI), showed significant improvements in the quality of provincial economic management in Vietnam as well as positive changes in administrative reform.
Businesses and cooperatives link to consume lychee
(BGO) – Since middle of March at the
flowering and fruit bearing stages of lychee, many domestic and foreign
cooperatives and businesses have connected to orchard owners and contactors in
Bac Giang province to seek way of lychee consumption. Support plans have been
issued locally toward the most smooth lychee consumption.