HCMC – Vietnamese and South Korean business associations have inked a memorandum of understanding to enhance cooperation in the semiconductor sector and other industries.
The Hanoi Supporting Industries Business Association (HANSIBA) and the Cheongju Entrepreneurs Community (CEC) in South Korea announced their deal during a ceremony on October 11 in Hanoi. The goals of the cooperation include advancing trade relations, facilitating technology transfers, and encouraging joint investments in semiconductor manufacturing.
While semiconductor manufacturing is at the core of this partnership, it also encompasses other areas. Both parties will cooperate in developing printed circuit boards for various industries, including aerospace, maritime economics and agriculture. Moreover, the agreement extends to producing consumer goods using these technologies.
As part of the pact, Vietnamese and South Korean firms will join forces to promote human resource development, entailing high-level technical training and managerial expertise to support the cooperation.
The CEC has significant experience in high-tech production, with its member companies having a track record of manufacturing advanced technological products, including semiconductor components.
HANSIBA and the CEC share a common interest in integrating businesses into global supply chains. Their plan is to offer a range of goods and services to help Vietnamese and South Korean firms expand their market presence.
N&G Group, a stakeholder in the project, has outlined plans to develop state-of-the-art infrastructure in various industrial zones to support this collaboration. These facilities will include worker housing, healthcare centers, commercial service areas, and specialized training centers.
Vietnam provides an attractive environment for semiconductor sector investors, bolstered by a young, skilled labor force and favorable government policies. The partnership aims to leverage these advantages to boost the semiconductor industry in both countries.
