HÀ NỘI — The Ministry of Industry and Trade (MoIT) is accelerating efforts to fast-track the country's semiconductor industry development by establishing clear guidelines and responsibilities.

The MoIT has begun implementing Decision No. 152/QĐ-BCT, approved by the Politburo, to expedite the sector's growth. This comprehensive strategy outlines several key targets for 2030 and a vision for 2050.

The strategy emphasizes consistent and effective implementation of key tasks and solutions. It aims to encourage participation from organizations and individuals while establishing robust mechanisms for monitoring, reviewing, and evaluating progress.

Minister of Industry and Trade Nguyễn Hồng Diên urged all relevant ministries and governmental organizations to prioritize tasks, establish clear timelines, and adopt a practical, results-driven approach. He stressed the importance of coordinated and decisive implementation to achieve the plan's objectives.

Under the decision, the Department of Industrial Development under the MoIT has been designated as the lead agency responsible for overseeing the plan. Its duties include monitoring progress, compiling reports, and recommending necessary adjustments to maintain alignment with strategic goals. The MoIT will collaborate closely with the Ministry of Finance to secure the necessary financial resources.

Units assigned specific responsibilities have been instructed to prepare detailed plans, including content and cost estimates, for submission to the Planning and Finance Department for review and budget allocation. Units are also encouraged to explore additional funding sources to support implementation.

Progress reports are mandatory for all units and will be reviewed by the department to ensure consistent oversight and enable necessary updates to the plan.

Economists and policymakers lauded the decision, stating that it reflects Vietnam's commitment to establishing itself as a key player in the global semiconductor industry by 2030. They believe the strategy provides a clear and focused approach to leverage Vietnam's advantages and pave the way for long-term growth and technological advancement.

In recent years, Vietnam has attracted significant foreign investment in its semiconductor sector. Notably, South Korea's Hana Micron has invested approximately $930 million, and US-based Amkor Technology has announced a $1.6 billion plan for a major facility in the country. Intel also operates its largest back-end chip factory in Vietnam, further solidifying the Southeast Asian economy's importance in the global semiconductor supply chain.

The Vietnamese semiconductor market is experiencing robust growth. Revenue is projected to reach $21.45 billion in 2025, with integrated circuits dominating the market at an estimated $18.33 billion. The market is expected to exhibit an annual growth rate (CAGR) of 9.99 percent from 2025 to 2029, resulting in a market volume of $31.39 billion by 2029, according to data provider Statista.