Netherlands eyes investment in Vietnam's semiconductor industry
Netherlands eyes investment in Vietnam's semiconductor industry
Dutch Prime Minister Dick Schoof affirmed that the Netherlands will consider investing in Vietnam's semiconductor chip sector during a meeting with Vietnamese Prime Minister Pham Minh Chinh on Wednesday.
Vietnamese Prime Minister Pham Minh Chinh (L) shakes hands with his Dutch counterpart at their meeting on the sidelines of the 55th Annual Meeting of the World Economic Forum in Davos, Switzerland, January 22, 2025. Photo: Doan Bac |
The meeting took place as part of PM Chinh’s bilateral engagements at the 55th Annual Meeting of the World Economic Forum in Davos, Switzerland, according to Vietnam's Ministry of Foreign Affairs.
At the meeting, PM Chinh proposed elevating the political and diplomatic relationship between the two nations to a new level and strengthening collaboration across various fields.
He also suggested expanding cooperation into high-tech areas, including the design and production of semiconductor chips, alongside other science and technology sectors.
PM Schoof acknowledged the strong friendship and collaboration between the Netherlands and Vietnam across several sectors.
He highlighted the potential to deepen bilateral ties and expressed the Netherlands' keen interest in exploring investment opportunities in Vietnam's burgeoning semiconductor industry.
The Netherlands is home to ASML, a world-leading supplier of photolithography machines essential to the semiconductor industry.
Several Dutch companies have recently become involved in Vietnam's semiconductor sector, which has ambitious plans to train 50,000 semiconductor engineers by 2030.
In January 2024, BE Semiconductor Industries N.V., a Dutch chip equipment manufacturer, launched a factory project for semiconductor equipment components at the Saigon Hi-Tech Park in Ho Chi Minh City, with an initial investment of US$4.7 million.
In August 2023, Hans Duister, CEO and founder of Sioux Technologies, a Netherlands-based leader in semiconductor research and development, visited Da Nang and pledged to support the growth of the semiconductor industry in the coastal city and Vietnam in general.
These collaborations highlight the potential for stronger ties and the Netherlands' pivotal role in supporting Vietnam's aspirations to develop a competitive semiconductor industry.
Beyond calling for comprehensive cooperation, PM Chinh urged the Netherlands to ratify the EU-Vietnam Investment Protection Agreement in order to facilitate smoother bilateral trade and economic collaboration.
The Vietnamese government leader also suggested the Netherlands should advocate for the European Union to lift its 'yellow card' warning on Vietnam's seafood exports, which was issued for illegal, unreported, and unregulated fishing.
PM Schoof agreed with Vietnam’s proposals and noted that the Dutch King and Queen are eager to visit Vietnam again soon.
PM Chinh also invited PM Schoof to visit Vietnam and attend the 4th Summit of the Partnering for Green Growth and the Global Goals, set to take place in Hanoi this April.
Since the establishment of diplomatic relations in 1973, Vietnam and the Netherlands have achieved significant progress in their partnership across many fields such as politics, diplomacy, defense, trade, agriculture, education, and climate change response.
The Netherlands is currently Vietnam’s second-largest European trading partner and its top EU investor.
Despite global trade challenges, bilateral trade reached $13.77 billion in 2024, reflecting a 26-percent increase compared to 2023.
