The Vietnamese government is making a great efferts to develop the electronics sector and aiming to double its revenues over the next three years.

The official Vietnam News Agency reported that new Prime Minister Nguyen Tan Dung has signed a decision instructing the Vietnam's Ministry of Post and Telecommunications to begin implementing the plan, which aims to raise annual electronics exports from $3 billion to $5 billion by 2010.

According to the Vietnam Electronics Industry Association, exports last year totaled $1.4 billion, a 34.1 percent increase on 2005.

The plan forecasts that Vietnam's industry will generate around 300,000 new jobs by 2010 and become "a main driver of the nation's socioeconomic development" by 2020, employing 500,000 workers "qualified up to international standards."

The government said it would introduce policy measures to encourage investment and raise skills in the sector, including "lucrative taxation policies" to attract assembly and production operations, VNA said.

Authorities will also finalize by 2010 "a good legal system to improve and protect the investment climate, and protect the industrial rights of the electronic industry."

Vietnam's entry into the World Trade Organization and its fast-growing economy helped it attract around $10 billion in foreign direct investment last year. That total is on track to double this year. Some of the more sizeable investments have been in the technology sector, with Intel announcing last year plans for a $1 billion fab outside Ho Chi Minh City.

According to local media reports Taiwan's Foxconn is also planning to spend $5 billion to build at least three plants in Vietnam.

By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved