For the past two years the city has been implementing a project to develop the microchip industry and as a result, the number of foreign invested projects in the industry has been steadily rising.

Le Manh Ha, vice chairman of HCM City’s People’s Committee, said the project has reaped tremendous success, especially with the launch of a SG8V1 chip. The project has marked a turning point for the industry in the city.

Mr. Ha affirmed the city would continue to fund this and similar projects as well as offer incentives to develop the industry.

Nguyen Quan, Science and Technology Minister in turn applauded the city’s achievements for the VND124 billion project, which he said have given rise to bright prospects for the microchip industry.

Each year, Vietnam the nation consumes some 20 billion chips of various kinds. This project has laid a solid foundation for the city to develop the industry into a key economic sector and a hi-tech support industry, he added.