Vietnam: 'The heart of the world IT industry'

Vietnam will be the focus of the world IT industry. That is the content of the article in EETimes.com on the occasion of Vietnam preparing to become a member of the World Trade Organization (WTO).

China may be the first word that comes to mind when it comes to Asian markets. But with strong growth in the IT sector, Vietnam is becoming a strong competitor challenging China's dominance, EETimes said.

The country once on the list of the poorest countries in Asia now has an annual economic growth rate of over 8% - the highest growth rate in Southeast Asia. Not only that, Vietnam also has a stock market that operates very effectively. The view of encouraging business investment plus WTO accession, successful international economic integration, Vietnam is becoming an attractive destination for many leading companies in the world to invest in business.

Intel received the investment license in Vietnam

The big companies in the IT field in the world also do not want to ignore this opportunity. Most foreign investment projects in the field of IT and telecommunications in Vietnam are very big projects.

Earlier this year, the chip industry giant Intel announced plans to invest $ 300 million to build a chip factory in Ho Chi Minh City. Next October, Intel's financial business unit announced it had joined hands with Texas Pacific Group to buy back FPT Corp's shares with a total value of up to 36.5 million USD.

Also in October, VinaCapital, a financial management company, cooperated with Silicon Valley financial management firm Draper Fisher Jurvetson to open a telecom technology investment fund with a total value of 50 million USD.

In addition, some big names in the world IT industry such as Hewlett Packard (USA), Renesas and Nidec (Japan), Allied Technologies (Singapore), Sonion (Denmark), Sony (Japan), Samsung (South Korea) . .

The managing unit of Saigon Hi-Tech Hi-Tech Park recently published data showing that they have so far attracted a total of 1 billion USD of foreign investment.

Although the electronics sector of Vietnam is still relatively weak, it still achieved a very impressive growth rate. The Ministry of Commerce of Vietnam estimates that exports of electronics and computer components this year will increase by more than 25% compared to last year.

Another strength of Vietnam is young, qualified and passionate about telecommunications information technology - more than half of Vietnam's population is under 25. This is an undeveloped development resource. all.

Vietnam's telecom market is also listed as one of the fastest growing markets in Asia.

Intel Vietnam General Director Than Trong Phuc assessed: ' Vietnam is a big market for big technology firms in the world and Intel has not missed this opportunity. Intel's distribution channel development program has achieved encouraging results. If in 1997 Intel had only a few dozen stores selling its products in Ho Chi Minh City, Intel's product distribution network has now reached more than 1,000 stores . '

Mr. Phuc said that Intel decided to choose Saigon Hi-Tech to build a chip factory because it has good infrastructure, abundant labor force .

Mr. Louis Nguyen - CEO of VinaCapital technology investment fund - affirmed the development opportunities, especially in the field of Internet and IT, in Vietnam is very large, and said technology investment fund will find looking for opportunities at major technology and telecommunications companies in the country. Google and Yahoo have also claimed that Vietnam is a top priority in Southeast Asia.

' Vietnam is not a Silocon Valley but the highly feasible model of US feasibility will continue to be successful in Vietnam ,' said Louis Nguyen.

Hoang Dung