More than 30 South Korean doctors took a health test late September and are now preparing for an English exam to be held at the HCMC University of Medicine & Pharmacy within two months, South Korean newspaper The Chosun Daily reported. Foreign doctors from nations with advanced healthcare systems are not required to pass local qualification exams to work in Vietnam, but need to furnish the professional licenses issued in their home countries and undergo a health check and an English test.

A representative of a company that helps translate and notarize documents for foreign doctors said many South Korean cosmetic surgeons, dermatologists, dentists, and emergency medicine specialists are interested in working in Vietnam. Many are looking for career opportunities in Vietnam this year, unhappy with the working conditions at private clinics in their country and enticed by those available in the latter nation.

A private medical facility in Hanoi offers a 44-hour work week, a monthly salary of 30 million won (US$22,000) and $800 in housing assistance to South Korean doctors. In South Korea, doctors have been at odds with the government over a plan to boost medical school admissions by 2,000 per year.

Some 12,000 trainee doctors walked out in February to protest the change, resulting in widespread cancellations of surgeries and other essential treatments. The government has since made several attempts to alleviate the pressures on the country’s medical system. The strike is ongoing.

The number of emergency room doctors has declined by 42% at hospitals across the nation, with seven of them contemplating partial closure of emergency rooms, Yonhap News Agency reported last month, citing a medical professors association.

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Source: Bangkok Post

The 427-kilometre railway would run from the border province of Lao Cai through the capital Hanoi and port city of Haiphong to Ha Long City, the official Vietnam News Agency reported. Vietnam has been seeking to upgrade its aging railway systems, including plans to build a high-speed railway running along the length of the country and lines linking with China, its largest trading partner.

Vietnam Railway Authority has submitted the plan to build the Lao Cai-Ha Long railway to the transport ministry for review and approval, the report said. Construction of the railway is expected to begin in 2030, it said, adding that transportation demand along this railway link is estimated at 8.3 million passengers and 17.5 million metric tonnes of cargo a year by 2050.

Vietnam has approached China for technology and funding for its plans to develop railways linking the two countries, which are already connected by a system of highways and two railway lines that are old and need upgrading on the Vietnam side. The two Asian neighbours have repeatedly showed interest in boosting rail links, and recent visits to each other’s countries by their leaders often included signing of agreements on railway cooperation.

Separately, Vietnam’s National Assembly at its next meeting beginning on Monday is expected to approve a $67-billion plan to build a 1,541-km high-speed railway from Hanoi to business hub Ho Chi Minh City, the country’s largest ever infrastructure project.

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Recently, Apple decided to manufacture the iPhone 16 series in India, marking a significant shift in its supply chain strategy. This move comes amid escalating tech tensions between the U.S. and China. Earlier this year, Microsoft Corp. urged its China-based AI team to relocate, highlighting the increasing strain on tech companies operating in China.

However, Apple is not looking at just India, it was toying with the idea of Indonesia in April this year. Last December, Apple is working with China’s BYD, a key iPad assembler, to move new product introduction (NPI) resources to Vietnam. In other words, Apple is spreading its presence across Asia as some form of safety net if China’s relations gets more intense.

For Apple suppliers in Vietnam, the end of summer is recruitment season. In the months ahead of the busy holiday shopping rush, companies like Luxshare and Foxconn try to fill thousands of permanent and temporary assembly jobs, building products like AirPods and iPads, Rest of World reported. Competition for these jobs was once fierce. In the past couple of years, as more manufacturers relocate from China to Vietnam, the benefit of choice has shifted to the workers.

“There are more factories competing for the same pool of workers, and so many have had to increase perks and find ways to attract workers,” Tong Diep Anh, marketing director at Viec 3 Mien, a recruitment company for Apple manufacturers, told Rest of World. “In the past, when demand for work was high, workers had to pay money to get a job. Now that the job market is saturated, workers have a choice.”

 

Putting Into Context

Trade tensions have spooked several businesses including HP, leading to relocating production facilities out of China. This time, Southeast Asia is the manufacturing hub of choice, according to the Nation, Thailand.

Corporations such as Samsung, Nike, and Adidas have reportedly moved substantial portions of their production to countries like Vietnam and Indonesia. Samsung relocated its smartphone manufacturing to Vietnam, where it now contributes significantly to the country’s GDP.

Nike has shifted a considerable part of its footwear production to Vietnam as well, where over half of its shoes are now made. Meanwhile, Adidas has reduced its reliance on Chinese manufacturers, turning to alternatives in Southeast Asia. Even Apple is looking to Indonesia for its manufacturing facility.

Vietnam, Indonesia, and Thailand are among the key destinations attracting these relocations, offering lower labour costs, expanding manufacturing capabilities, and favourable trade agreements. Hyundai Motor Company will invest THB1 billion (US$28 million) to set up a facility to assemble electric vehicles (EVs) and batteries in Thailand, the country’s Board of Investment (BOI) said on 7 August 2024, according to Bangkok Post.

These moves are part of a broader shift as companies seek to mitigate risks associated with over-reliance on China and leverage the growing economic potential of Southeast Asia. Tensions over Taiwan pushing Hewlett-Packard to move a significant proportion of PC production from China, Nation Thailand quoted Nikkei Asia.

The mass exodus extends beyond Apple. US-based IT giant Hewlett-Packard (HP) is looking to shift more than half of its PC (personal computer) production away from China to reduce potential geopolitical risks. HP also plans to set up a backup design hub in Singapore, the report said. 

Vietnam’s Manpower Dilemma

Vietnam is the most popular location for tech manufacturers wishing to diversify away from China to avoid U.S. tariffs. The country registered large foreign direct investment in new projects and expansion in the fields of semiconductors, energy, component manufacturing, and electronics in the first eight months of this year, according to the Ministry of Planning and Investment. 

Apple suppliers and their vendors have notably increased their presence in Vietnam, with Luxshare, Foxconn, and Goertek all opening up new factories. In 2015, Vietnam hosted just eight Apple suppliers; by 2023, the country had 35 suppliers assembling AirPods, iPads, and MacBooks. Yet, Vietnam appears to be the country starved for skilled labour.

One of Vietnam’s primary selling points for tech manufacturers is its relatively cheap and plentiful labour force. Manufacturing wages in Vietnam are less than half those in China, even as real minimum wages grew by 11.3% per year in the decade from 2010 to 2019, among the fastest in Asia. In July, Vietnam raised the monthly minimum wage by 6% to 4.96 million dong ($200). However, these wages are often insufficient, and workers rely on overtime to make ends meet. 

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Source: Reuters

Samsung Display’s new facility for the manufacture of organic light-emitting diode (OLED) displays will be located in Yen Phong industrial park in Bac Ninh province east of Hanoi and close to an existing electronics plant, the government said in a statement released after the meeting between Prime Minister Pham Minh Chinh and Choi Joo Ho, the General Director of Samsung group in Vietnam.

Samsung Display is a unit of Samsung Electronics, the flagship of the Samsung group. Bac Ninh authorities and Samsung Display also signed on Sunday a memorandum of understanding of the OLED project, local media reported, adding the investment would raise the group’s total investment in Bac Ninh to US$8.3 billion from the current $6.5 billion.

Vietnam has over the last decade emerged as one of the most attractive production hubs for electronics companies. According to Choi, the Samsung group has established six manufacturing plants, one research and development centre, and one sales entity in Vietnam, with a cumulative investment of US$22.4 billion.

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Source: Manufacturing Asia

“A further substantial rise in new orders led manufacturers to ramp up production, with the rate of growth quickening to a near-record high,” the company said in its latest report on Vietnam’s manufacturing.

The country’s Purchasing Managers’ Index in July was at 54.7, unchanged from June, and the last time growth was faster was in November 2018. A PMI of above 50 indicates an expansion in manufacturing PMI.

“New orders increased for the fourth month running in July, with the rate of expansion only slightly slower than the near-record posted in June.”

S&P linked this to stronger market demand and an increase in customer numbers. New export orders also rose, but some firms reported that export demand had been hampered by high shipping costs.

To fulfill a surge in demand, firms needed to dip into existing stockpiles to help meet new order requirements. Stocks of finished goods were depleted to the second-largest degree on record, behind only that seen in February 2014.

Firms expanded capacity by increasing both their purchasing activity and employment at the start of the third quarter. Whilst input buying rose markedly, staffing levels increased only modestly and at a softer pace than in June.

Input costs continued to shoot up during July, with the pace of inflation marginally weaker than the two-year high seen in June. Suppliers had reportedly raised their charges, while increased shipping costs were also a factor.

Rising costs for raw materials and shipping meant that manufacturers increased their selling prices for the third month running in July. Expectations that new orders will continue to rise over the coming year supported confidence in the outlook for production.

Around 40% of respondents expressed optimism, but sentiment eased to the lowest since January and was weaker than the series average.

“The fact that the Vietnamese manufacturing sector was able to sustain the strong expansion seen in June through into July adds to optimism that we are at the start of a good spell of growth that will help drive the wider economy forward,” said Andrew Harker, economics director at S&P Global Market Intelligence.

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Corporations such as Samsung, Nike, and Adidas have reportedly moved substantial portions of their production to countries like Vietnam and Indonesia. Samsung relocated its smartphone manufacturing to Vietnam, where it now contributes significantly to the country’s GDP.

Nike has shifted a considerable part of its footwear production to Vietnam as well, where over half of its shoes are now made. Meanwhile, Adidas has reduced its reliance on Chinese manufacturers, turning to alternatives in Southeast Asia. Even Apple is looking to Indonesia for its manufacturing facility.

Vietnam, Indonesia, and Thailand are among the key destinations attracting these relocations, offering lower labour costs, expanding manufacturing capabilities, and favourable trade agreements. Hyundai Motor Company will invest THB1 billion (US$28 million) to set up a facility to assemble electric vehicles (EVs) and batteries in Thailand, the country’s Board of Investment (BOI) said on 7 August 2024, according to Bangkok Post.

These moves are part of a broader shift as companies seek to mitigate risks associated with over-reliance on China and leverage the growing economic potential of Southeast Asia. Tensions over Taiwan pushing Hewlett-Packard to move a significant proportion of PC production from China, Nation Thailand quoted Nikkei Asia.

US-based IT giant Hewlett-Packard (HP) is looking to shift more than half of its PC (personal computer) production away from China to reduce potential geopolitical risks. HP also plans to set up a backup design hub in Singapore, the report said. 

Nikkei Asia cited multiple sources as saying that HP is in talks with suppliers about the move and aims to achieve its target in two to three years. The company has set an internal goal of eventually making up to 70% of its notebooks outside of China.

A major destination for the move is Thailand, said the report, adding that at least five HP suppliers are building new manufacturing facilities or warehouse hubs in the kingdom, and two have been increasing capacity there since the beginning of the year at HP’s request.

Nikkei Asia quoted an executive-level source as saying:

“It is certain that HP is betting big on building a production hub in Thailand. We have other Southeast Asian facilities to support the client, but they said it is not efficient enough, so we are building a new factory in Thailand now, as requested.”

Other sources said that in internal talks, several HP executives have been emphasising the emerging business opportunities in Southeast Asia and the Middle East while flagging the geopolitical risks of keeping production centered in China, due to years of US-China tensions as well as disruptions from Covid.

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Vietnam is in the top 10 for semiconductor exports, with 6% annual growth projected until 2027. This is in spite of the government’s (Ministry of Planning and Investment) recent report revealed after Vietnam started applying the global minimum tax of 15% in January, many multinationals operating or planning to enter the country sought financial incentives since their profits would be affected, but did not receive it and relocated to other countries.

Austrian semiconductor firm AT&S planned to invest in Vietnam and even carried out a survey of the country, but eventually shifted to Malaysia as Vietnam did not offer incentives or had the required number of skilled workers. The Ministry added expansion of some big high-tech projects has gone to the back burner while waiting for the subsidy.

Yet, Manufacturing Asia reported Vietnam’s capital Hanoi is taking steps to achieve its goal to become a hub for semiconductor production by 2050. This lofty ambition is part of Vietnam’s National Master Plan for 2021-2030.

Vietnam envisions itself to become an upper-middle-income nation by 2030, buoyed by developments and investments in science, innovation, technology as well as digital transformation. Given the existing US-China trade tensions on top of the growing global demand for chips, Vietnam is poised to develop as a semiconductor manufacturing hub. 

Vietnam is included in the top 10 in the world for the export of semiconductor devices and integrated circuits, with the industry predicted to grow at an annual rate of 6% until 2027. The country is also the third biggest semiconductor exporter to the US in 2023, reaching US$562 million up from US$321 million in 2022. 

The Southeast Asian nation already has attracted several international semiconductor producers who have established operations such as Infineon Technologies AG, Amkor Technology Group, Samsung, Qualcomm, and Texas Instruments. Samsung had invested a total of US$22.4 billion into the country’s high-tech sector. 

Hana Micron Vina has committed to invest US$1 billion to boost Vietnam’s chip production by 2025. Nvidia, one of the largest semiconductor producers in the world, targets setting up a base in Vietnam with the company already having invested US$250m in the Southeast Asian nation.

Minor Role

Vietnam’s contribution is considerably small when the entire supply chain is considered. The country mainly participates in the final stage of semiconductor production, focusing on assembly, testing, and packaging, and thus represents the lower value of the supply chain. 

The lingering challenge for the country is to elevate itself in the supply chain by developing its design and packaging capabilities to have greater influence in the global semiconductor industry. Hanoi has distinct advantages that can position itself atop the semiconductor supply chain given that it is strategically located in the centre of the Red River delta. 

The location is an important axis for political, economic, and scientific activities in Vietnam. Hanoi is also one of the leading localities for foreign direct investment (FDI). The city alone attracted US$1.7 billion in FDI in 2022, ranking it amongst the top seven destinations for FDI inflow in Vietnam.

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Vietnam’s subsidies pause has caused investors to look else where. The government’s recent report revealed after Vietnam started applying the global minimum tax of 15% in January, many multinationals operating or planning to enter the country sought financial incentives since their profits would be affected, but did not receive it and relocated to other countries.

Austrian semiconductor firm AT&S planned to invest in Vietnam and even carried out a survey of the country, but eventually shifted to Malaysia as Vietnam did not offer incentives or had the required number of skilled workers. The Ministry added expansion of some big high-tech projects has gone to the back burner while waiting for the subsidy.

Some large companies have intended suspending new investment or expansion plans if the Government does not offer financial assistance while also levying the global minimum tax. They include a medical devices manufacturing project worth between US$500 million and US$1 billion in the southern Dong Nai Province by SMC of Japan, and expansion by Foxconn, Compal and Quanta of Taiwan to produce equipment for Apple, IBM and Cisco.

The Ministry said without a subsidy or other similar policies, the application of the global minimum tax rate would detract from the effectiveness of corporate income tax incentives, and the country would no longer be attractive enough for foreign investors. It urged the Government to take immediate measures to prevent a wave of relocation out of Vietnam by major investors. It proposed the establishment of an investment support fund to provide direct financial support to businesses meeting certain criteria.

In practice, financial support and subsidies are not paid out immediately but are based on project implementation and allocated to specific costs. For example, under the U.S.’ CHIPS Act, the government will provide 25% of investment in production facilities over a 10-year cycle.

During this period, if the business does not build or sells off the facilities, the subsidy will be revoked. The global minimum tax applies to multinationals with total consolidated revenues of €750 million (US$800 million) or more in two of the four most recent consecutive years. A total of 122 foreign-invested enterprises are required to pay this tax in Vietnam, according to the tax authorities.

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The Nation Thailand reported the country’s economic ministers discussed sending Thai students to train in Taiwan to counter lack of advanced skills. The government plans to establish a national semiconductor board to set investment and development strategies for this vital industry, Deputy Prime Minister and Finance Minister Pichai Chunhavajira said on 14 June 2024.

Speaking after the meeting of economic ministers chaired by Prime Minister Srettha Thavisin on Monday, Pichai said the setting up of the semiconductor board will help attract foreign investments and push Thailand’s economic expansion to meet the goal of 5% annually. He added that Thailand already lagged behind other countries in the region in having a national committee dedicated to the semiconductor industry, which is crucial to the country’s future investment plan.

Pichai said the meeting also discussed the concerns of foreign investors and entrepreneurs regarding lack of advanced skills among Thai workers. The meeting proposed cooperating with factories and universities in Taiwan to send Thai students to train and improve their electronics skills, so they can fulfil market demand as soon as they graduate.

The Finance Minister cited a report from the Board of Investment (BOI) stating that the agency has been promoting investment in the electronics industry, which is being driven by the trend of production base relocation to mitigate risks from geopolitical conflicts.

The BOI said there has been significant investment in both electric vehicle and semiconductor industries, and encouraged the government to help create facilitating ecosystems for both industries in Thailand. This can be done by attracting entrepreneurs in advanced semiconductor manufacturing, such as chip production, electronics design, subcontract manufacturing, and testing of advanced chips to establish their facilities in the kingdom, said the BOI report.

The move would help increase the industry’s value and create high-skilled jobs for Thai workers, said the BOI, adding that negotiations with global companies to support the move are already underway. The government started hosting a weekly meeting of economic ministers last week in response to underwhelming economic growth in the first quarter of this year of only 1.5%.

Malaysia’s IC Design Park Plan And Vietnam’s Chip Ambition

Malaysia earlier announced her mission to be Southeast Asia’s largest integrated circuit design park last April. Now, Vietnam joins the competition for the same crown, with the support from an American semiconductor titan – Marvell Technology Inc.

Marvell Technology, Inc., a titan in data infrastructure semiconductor solutions, accelerated the growth of its workforce and presence in Vietnam in the past year since the company announced plans to expand R&D, engineering and design activities in the country. Marvell committed to 50% growth of its workforce in Vietnam in three years, a target shared by the company during last year’s U.S.-Vietnam Innovation and Investment Summit attended by Marvell Chairman and CEO Matt Murphy.

Today, Marvell is ahead of its plans, achieving more than 30% growth in just eight months. Marvell has also expanded its physical footprint in Vietnam with a new location in Da Nang, adding to its offices in Ho Chi Minh City. The growth of its footprint demonstrates the company’s commitment to creating a world-class semiconductor design hub in the country.

It will be an intense competition within ASEAN when semiconductor is now acknowledged to be the key edge in the manufacturing world.

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Semiconductor competition continues after Malaysia announced her mission to be Southeast Asia’s largest integrated circuit design park last April. Now, Vietnam joins the competition for the same crown, with the support from an American semiconductor titan – Marvell Technology Inc.

Marvell Technology, Inc., a titan in data infrastructure semiconductor solutions, accelerated the growth of its workforce and presence in Vietnam in the past year since the company announced plans to expand R&D, engineering and design activities in the country. Marvell committed to 50% growth of its workforce in Vietnam in three years, a target shared by the company during last year’s U.S.-Vietnam Innovation and Investment Summit attended by Marvell Chairman and CEO Matt Murphy. Today, Marvell is ahead of its plans, achieving more than 30% growth in just eight months.

Marvell has also expanded its physical footprint in Vietnam with a new location in Da Nang, adding to its offices in Ho Chi Minh City. The growth of its footprint demonstrates the company’s commitment to creating a world-class semiconductor design hub in the country.

“We are excited with the momentum we’ve gained since we announced our design center plans last year, including our progress in adding top engineering talent to our team and expanding our number of sites,” said Murphy. “Vietnam is rapidly becoming a center of semiconductor innovation and we are committed to being part of that.”

A new Marvell design center facility in Ho Chi Minh City, which is expected to open within the next year, and other Marvell engineering facilities in Vietnam are focused on high-speed data center optical connectivity, storage, and analogue and mixed-signal semiconductor technologies. These are critical to the build-out of accelerated infrastructure to meet the rising performance and power requirements of artificial intelligence (AI) and cloud data centers.

“Marvell has been part of the technology ecosystem in Vietnam for over ten years. The company is committed to attracting the best and brightest engineering talent to its semiconductor design center in Vietnam, and to contributing to the growth of the country’s semiconductor community,” said Dr. Loi Nguyen, Executive Vice President of Cloud Optics at Marvell and a native of Ho Chi Minh City.

Malaysia’s Economy Minister Rafizi Ramli said the government will offer incentives including subsidised office spaces, exemptions on employment passes, relocation services and lower corporate tax rates for foreign venture capital firms, tech entrepreneurs and unicorns – startups reaching a $1 billion valuation – looking to invest in Malaysia.

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