South Korea's Signetics to develop $100 million semiconductor facility in Vinh Phuc

The information was revealed by Song Young Hee, CEO of Signetics, during a meeting with Tran Duy Dong, Chairman of Vinh Phuc People’s Committee, on August 8.

"Signetics, a member of Young Poong Group, is a semiconductor supplier for many large corporations, such as Samsung and SK. To serve the expansion of the Samsung factory in the near future, the company plans to expand its investment and has chosen Vinh Phuc as its destination," he said.

He further noted that Signetics plans to build its factory in Ba Thien I Industrial Park with a total investment of about $100 million. Covering five hectares, the factory is expected to officially come into operation at the end of 2025.

The Signetics CEO said he hoped to receive support from the provincial authorities related to land leases and investments to facilitate the project's implementation.

According to a survey by the Korean Chamber of Commerce and Industry, IT and the semiconductor industries are priority areas of cooperation between Vietnam and South Korea. The survey collected responses from 257 business and industry officials from Korea and Vietnam who attended the Korea-Vietnam Business Forum held in Seoul on July 1.

On August 6, the Korea Trade and Investment Promotion Agency in Hanoi (KOTRA Hanoi) also held a conference on Vietnam-South Korea cooperation in the semiconductor industry.

At the event, Vo Xuan Hoai, deputy director of the National Innovation Centre under the Ministry of Planning and Investment (MPI), said there are over 40 chip design companies and nearly 15 others involved in packaging, testing, and manufacturing semiconductor-related equipment in Vietnam. Many of them are from South Korea, including Samsung, Hana Micron, and Amkor Technology.

Investors are scouting for high-growth stocks related to semiconductors and AI as well as acquiring digital assets, heard a recent panel discussion about investment opportunities in H2.

Vietnam boasts some strategic advantages that can lure some of the biggest economies to invest in its industrial hubs. Manager Ly Nguyen and associate Tu Nguyen of the Tony Blair Institute Vietnam pore over the investment preferences of European and the US investors in industrial parks for semiconductors.

The close coordination between government agencies, businesses, and universities are gradually removing challenges in training for the development of the semiconductor industry in Vietnam.