Intel Vietnam mulling to increase investment in Ho Chi Minh City
Intel Vietnam mulling to increase investment in Ho Chi Minh City
US-backed Intel Vietnam is mulling to inject more capital into its operations in Ho Chi Minh City to follow up on its $1 billion investment in the city.
Intel plans to increase investment in Vietnam
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This was revealed by Kim Huat Ooi, general manager of Intel Products Vietnam at Ho Chi Minh City at the US Business Summit titled Driving Partnership and Innovation for the Future held in the city this morning (August 25).
He lauded Vietnam's investment climate which has improved tremendously over the past years. In the midst of the COVID-19 crisis, Vietnam has taken quick action with strong policies to control the pandemic. As a result, Intel can maintain stable operations during the crisis. In the first half of 2020, Intel saw its output increase 30 per cent, contributing three-fourth of its total global output.
Intel has invested $1 billion in Vietnam and is looking to increase this in the coming years. The export revenue of Intel in Vietnam has reached $3.6 billion. With the new investment in Ho Chi Minh City in the coming time, the figure is expected to increase significantly. Intel will also use the fresh capital to develop local middle and senior leaders for the Vietnamese factory, according to Intel Vietnam's general director.
Intel's chip factory in Saigon High-Tech Park is its largest chip assembly and test plant in the world. In March alone, the factory produced 2 billion units, including semiconductor chips and processing chips used in computers and other devices. The factory produces 25 chips every second.
Intel Corporation first announced a $300 million investment for an assembly and test plant in Vietnam in 2006. The firm’s total registered investment was raised to $1 billion nearly a year later. The plant went into operation in 2010.
