According to a Reuters report, the company expressed concerns about the country’s excessive bureaucracy and unstable power supply.
Intel’s about-turn would be a blow to Vietnam’s growing ambitions to play a larger role in the global semiconductor industry. It has been holding talks with chipmakers, hoping to lure firms seeking to diversify their supply chain.
Vietnam is holding talks with chips companies with the aim of boosting investment in the country and possibly building its first chipmaking plant, or fab, two business executives said, despite warnings from U.S. industry officials about high costs.
Billionaire Pham Nhat Vuong, Vietnam’s wealthiest man, joined the top ranks of Asia’s richest after shares of his electric vehicle maker VinFast Auto surged 255% on the company’s Nasdaq debut, adding a whopping $39 billion to his net worth.
Vinfast, a Vietnamese electric car manufacturer under Vingroup, held a ground-breaking ceremony for an electric car factory in North Carolina, US on Friday. The event marked an important step in Vingroup’s strategy for market expansion and brand development.
Ninh Thuan Province is set to hand back land it had acquired from 1,000 families for two nuclear power plants following their cancelation.
The chairman of Vietnam’s Vingroup conglomerate said on Saturday that the company’s auto unit, VinFast, would seek financing from the U.S. government to support its expansion with a planned plant in North Carolina.
Automaker launches $140m project after topping sales rankings for first time