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Vietnam prepares master plan to boost electronics sector

Posted: 29 Jun 2007     Print Version  Bookmark and Share

Keywords:master plan  electronics sector  development plan 

The Foxconn announces investment plans in Vietnam" target=_blank>Vietnam government has approved a development master plan for this country's electronics sector that aims to boost its revenues to more than double over the next three years.

The official Vietnam News Agency reported that new Prime Minister Nguyen Tan Dung has instructed Vietnam's Ministry of Post and Telecommunications to begin implementing the plan that aims to raise annual electronics exports from Rs.12,260 crore ($3 billion) to Rs.20,433.33 crore ($5 billion) by 2010.

According to the Vietnam Electronics Industry Association, exports last year totalled Rs.5,721.33 crore ($1.4 billion), a 34.1 per cent increase on 2005.

The master plan forecasts that Vietnam's industry will generate around 300,000 new jobs by 2010 and become "a main driver of the nation's socioeconomic development" by 2020, employing 500,000 workers "qualified up to international standards."

The government said it would introduce policy measures to encourage investment and raise skills in the sector, including "lucrative taxation policies" to attract assembly and production operations, VNA said.

Authorities will also finalise by 2010 "a good legal system to improve and protect the investment climate, and protect the industrial rights of the electronic industry."

Vietnam's entry into the World Trade Organisation and its fast-growing economy helped it attract around Rs.40,866.66 crore ($10 billion) in foreign direct investment last year. That total is on track to double this year. Some of the more sizeable investments have been in the technology sector, with Intel announcing last year plans for a Rs.4,086.67 crore ($1 billion) fab outside Ho Chi Minh City.

According to local media reports Taiwan's Foxconn is also planning to spend Rs.20,433.33 crore ($5 billion) to build at least three plants in Vietnam.

- Jonathan Hopfner
EE Times

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