INTEL TO BUILD $1 BILLION PLANT IN VIETNAM
SANTA CLARA – 11/21/06 – High-tech giant Intel Corp. has said it will build its largest semiconductor chip assembly and testing plant in Vietnam.
The company plans to invest more than $1 billion – triple its initially announced investment in the country – to expand the planned factory in southern Ho Chi Minh City from its originally planned 50,000 square feet to 500,000 square feet.
The facility represents the country s biggest single foreign investment and employ more than 4,000 workers.
Nearly four years of talks preceded the decision to locate the plant, which will be Vietnam’s first semiconductor facility. Intel currently operates assembly and testing plants in China, Malaysia, the Philippines, and Costa Rica.
Construction on the new Intel plant is expected to begin next March and be completed in early 2009.
To sweeten the deal, Vietnam reportedly offered a number of attractive incentives.
Silicon Valley-based Intel will not pay corporate taxes for the first four years of operation and will enjoy a 50% tax break the following nine years, according to Pham Chanh Truc, head of the high-tech park in Ho Chi Minh City where the new Intel plant will be located.
After that, Intel will pay only 10% in taxes, compared with the normal 28% corporate rate. The incentives are offered to all businesses that invest in the site, Truc said in an interview with the Associated Press.
Vietnam is hoping Intel’s investment will help build investor confidence and put the country on the path of other regional high-tech powerhouses such as India.
In addition, the new Intel factory could finally end the country s status as a net importer of computer gear, say some analysts.
According to the latest figures, computer and electronic equipment exports from Vietnam rose 34% to $1.44 billion last year, while imports of computers and electronics climbed 26% to $1.7 billion.
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