Azmi Bin Wan Hussin Wan, chief operations officer CT Semiconductor

However, for global semiconductor corporations, interest or policy declarations alone are insufficient. Capital flows are only truly activated when concrete, verifiable, and operationally effective trigger conditions are met.

Global semiconductor investors do not make decisions based on potential or paper-based strategies. They invest in countries where operational conditions have been demonstrably proven.

The first decisive criterion is industrial infrastructure reliability. Semiconductor manufacturing requires uninterrupted power supply, ultra-pure water, stable operating environments, full ecosystem for supply chain, and logistics systems capable of withstanding disruptions.

Investors assess not only installed capacity, but also redundancy and continuity of operations. Without proven industrial-grade reliability at this level, Vietnam is unlikely to become a priority destination.

The second criterion is long-term policy predictability and credibility. Semiconductor investments typically have very long lifecycles. As such, confidence in the stability, transparency, and consistency of legal frameworks, government policy including tax, import/export, land-use rights, and investment procedures is more critical than the level of incentives offered.

From my perspective, domestic enterprises play an anchoring role in building market confidence. By committing long-term capital and aligning closely with national priorities, such as Vietnam’s semiconductor industry development strategy to 2030, Vietnam’s direction is structural rather than short-term.

The third criterion is scalable human capital. Beyond highly skilled engineers, the semiconductor industry requires large numbers of process engineers, technicians, and skilled operators. Vietnam’s competitiveness will depend on its ability to rapidly scale this workforce in both quantity and quality.

Compared with Malaysia, Indonesia, and India, CT Semiconductor identifies Vietnam’s greatest weakness as its limited participation in the semiconductor value chain, particularly in advanced manufacturing and outsourced semiconductor assembly and test (OSAT).

Malaysia has built a mature OSAT ecosystem over several decades, supported by dense supplier and service networks. India, while still developing, has mobilised substantial state resources under a clear national strategy. Vietnam, despite its strong electronics manufacturing base, lacks hands-on experience in large-scale semiconductor production operations.

However, human capital and supporting services are areas where Vietnam can improve most rapidly if approached correctly. The key lies in sustained collaboration among three pillars: government, academia, and industry, where training must be closely linked to practice and real production environments.

In this context, CT Semiconductor has implemented a programme on assembly, testing, and packaging (ATP) at the National Innovation Centre in Hanoi. Delivered by international experts with over 30 years of industry experience and fully funded by the company, the programme attracted 180 lecturers from more than 50 universities and colleges nationwide, forming the core teaching force for Vietnam’s future semiconductor engineers.

Vietnam should adopt a phased development strategy, rather than attempting to cover the entire ecosystem from the outset. ATP should be the initial priority: this segment requires significantly lower capital investment than wafer fabrication, offers faster deployment timelines, and aligns well with Vietnam’s existing electronics manufacturing base. ATP facilities also generate immediate demand for materials, chemicals, equipment maintenance, and logistics, catalysing the formation of a supporting ecosystem.

Chip design capabilities can be developed in parallel, particularly in areas such as power electronics, automotive chips, and AI applications. However, design alone is insufficient to anchor supply chains. Physical manufacturing assets, especially ATP plants, create long-term commitments and stronger economic spillover effects.

On the next move, Vietnam can gradually expand into materials, equipment services, and eventually wafer fabrication as conditions mature. Based on this trajectory, we are working towards building a fully integrated semiconductor ecosystem, mastering the entire process from research and training to design, lithography, assembly, testing, and advanced packaging.

We believe several non-financial factors will become increasingly decisive in the coming years. Foremost among them is policy consistency and institutional coordination between central and local authorities, particularly in taxation, customs, and administrative procedures.

Intellectual property protection is another critical factor, especially as advanced packaging technologies and design intellectual property continue to rise in value.

Environmental, social, and governance (ESG) compliance has also become a strategic requirement. We are committed to fully complying with international ESG standards to meet the growing expectations of global partners.

Finally, connectivity with the global ecosystem, through trade agreements, mobility of international experts, data governance frameworks, and alignment with global technology standards, will strongly influence decisions.

We identify three key criteria to activate a new wave of semiconductor investment into Vietnam during the next five years: a long-term national semiconductor strategy with binding commitments; development of ready-to-operate semiconductor industrial zones, with guaranteed infrastructure and streamlined licensing procedures; and large-scale development of technical human capital, focusing on application-oriented engineers trained in collaboration with industry.

If Vietnam can translate these criteria into tangible capabilities rather than policy aspirations, the country will not only draw in funding, but progressively position itself as a strategic node in the global semiconductor supply chain, anchored by pioneering enterprises already turning these conditions into reality.

Why has resilience become such a crucial benchmark for businesses today?

Businesses around the world are operating in a very different environment than even a few years ago. We’re facing global uncertainties, supply chain disruptions, rising energy demands, and more frequent climate related challenges.

Dr. Pham Thai Lai

Here in Vietnam, 2025 was a stark reminder of this reality, with the country experiencing a series of severe natural disasters, from prolonged heatwaves and record–breaking storms to widespread flooding that disrupted industries, logistics networks, and daily life. These events made it clear that external shocks are no longer rare; they are becoming part of the operating landscape.

Efficiency still matters – it always will – but efficiency alone is no longer enough. Companies now need resilience, meaning the ability to anticipate disruption, withstand shocks, and recover quickly while keeping operations stable. What is especially important is that resilience and decarbonisation are no longer opposing forces – they actually reinforce one another.

If you think about it, a system that is cleaner, more flexible, and more distributed is also less vulnerable to single point failures. Decarbonised systems tend to be electrified, decentralised, and digitally enabled. Those are precisely the characteristics of resilient infrastructure.

The common foundation that enables both resilience and sustainability is digitalisation. Digital technologies give us transparency, speed, and precision. They allow systems to sense conditions in real time, respond dynamically, and adapt proactively. Without digitalisation, neither resilience nor decarbonisation can advance at the speed the world requires.

Electrification plays a major role in decarbonisation. What challenges does it create for current infrastructure?

Electrification is the most widely accepted and practical pathway towards a net zero future. It is proven, scalable, and applicable across sectors – from manufacturing and transportation to buildings and logistics. In our global Infrastructure Transition Monitor, 64 per cent of leaders agreed that electrification is the most realistic route to net-zero.

But electrification also adds complexity. When companies adopt electric vehicles, electrified machinery, heat pumps, or rooftop solar, they introduce new loads and variable two way power flows. The grid must handle unpredictable peaks, integrate distributed energy sources, and stay stable even as usage patterns shift quickly.

Many grids, globally and across ASEAN, were not built for this level of variability. That is why infrastructure is often cited as the biggest barrier to meeting sustainability targets. The challenge is not ambition; it’s system readiness.

To move forward, we must make infrastructure smarter, not just bigger. Digital grid software, smart transformers, intelligent switching devices, and automated controls give operators real time visibility and better control. These tools help balance loads, reroute power, prevent congestion, and integrate renewables more efficiently. This is how we build a grid that is both electrified and resilient.

Where does digitalisation, and especially AI, fit into building resilient energy systems?

Digitalisation is the engine of resilience. It turns rigid, analogue systems into intelligent networks that can sense, predict, and respond instantly. But it only works when organisations have access to the right data. Many still struggle with data gaps, siloed systems, or limited analytical capabilities, making decarbonisation harder.

This is where AI makes a real difference. Two thirds of leaders in our research believe AI will transform infrastructure operations, and we already see it happening. AI can forecast demand spikes, detect anomalies, and warn operators about potential failures long before they escalate. In regions facing extreme weather or rapid growth, these capabilities can prevent outages and strengthen system stability.

To support this shift, Siemens developed the Industrial Copilot, a generative AI assistant for the entire industrial value chain. It helps generate automation code, assists with troubleshooting, speeds up maintenance planning, and simplifies knowledge transfer. Work that once took days can now be completed in minutes, reducing effort and error rates.

By combining AI with real time operational data, companies move from reactive management to proactive optimisation. This dramatically boosts resilience because systems can adjust automatically and intelligently – even before human intervention is needed.

Siemens recently announced an expanded AI partnership. What does this mean in practical terms for customers and resilience?

Our expanded partnership with Nvidia is about bringing AI into every stage of the industrial value chain. Together, we’re building an Industrial AI operating system to help companies innovate faster, optimise continuously, and operate more resiliently.

Practically, this means three things. First, we are delivering AI accelerated tools – from electronic design to simulation and adaptive manufacturing – allowing faster, more accurate engineering and real time optimisation.

Second, we are enabling an “AI Brain” for factories. By combining Siemens automation and operations software with Nvidia’s AI and simulation platforms, factories can analyse digital twins continuously and convert insights into action on the shop floor. The Siemens Electronics Factory in Erlangen will be the first blueprint, and companies like Foxconn and PepsiCo are already evaluating these capabilities.

Third, we are accelerating GPU powered engineering and AI physics models. This allows autonomous digital twins and 2-10× faster design workflows, improving both reliability and speed.

For customers, the benefits are clear: faster design cycles, shorter commissioning, more reliable operations, and stronger resilience through AI driven prediction and autonomy.

What does all this mean for Vietnam, and what must the country focus on in the coming decade?

Vietnam stands at an important turning point. Its economy is expanding rapidly, its manufacturing base is growing, and its energy demand continues to rise. At the same time, the country remains one of the most climate exposed in Asia, which makes the need for resilient infrastructure more urgent than ever.

Digitalisation gives Vietnam a tremendous advantage. Instead of following a linear development path, Vietnam can leapfrog older models and adopt modern technologies from the outset. Smart grids, AI enabled platforms, digital twins, and AI-driven engineering tools – like Industrial Copilot – allow us to plan more precisely, operate more efficiently, and adapt to change more effectively.

With strong renewable energy potential and a clear national commitment to sustainability, Vietnam is well positioned to become a regional leader in smart infrastructure. But to achieve this, resilience must become the new benchmark – not just a target, but a guiding principle for how we design, build, and operate our energy and industrial systems. If we embrace that mindset, Vietnam can secure a cleaner, stronger, and more stable future for decades to come.

As global conditions continue to shift, resilience is the new benchmark for smart infrastructure. Electrification, digitalisation, and AI are reshaping how systems are designed, operated, and future proofed. For businesses across ASEAN and for nations like Vietnam, those who prioritise resilience today will be best positioned to grow sustainably, adapt quickly, and thrive in an increasingly dynamic world.

Vietnam’s business aviation market has grown quickly over the past decade. What are the main drivers behind this growth, and how mature is the market today?

Paul Desgrosseilliers

If business aviation is defined strictly, Vietnam’s market is actually very young. Meaningful growth has really only started in the last 3-4 years. Before the pandemic period, there were effectively no business jets based in Vietnam. Coming out of the pandemic, companies and individuals began operating their own aircraft, initially through charter and later through managed ownership.

Today, the market stands at just under a dozen business jets, around 10-12 aircraft, with at least 3-4 more expected to enter service this year. From a numerical standpoint, the base is still small, but the growth rate is very high.

Vietnam’s economy is growing rapidly across manufacturing, real estate, industrial development and services. Frequent visits to both Hanoi and Ho Chi Minh City make this growth very visible, from large-scale construction to expanding industrial zones. As wealth increases among corporations and individuals, international business activity grows as well.

Vietnamese companies are no longer operating within domestic or regional markets. Many are deeply integrated into global supply chains, with frequent travel to China, Southeast Asia, the Middle East, Europe and North America. Business aviation supports this international reach by providing flexibility, efficiency and access to destinations that are not well served by commercial airlines.

In more mature markets such as North America, around 90 per cent of business jet utilisation is business-related rather than leisure-driven. Vietnam is following a similar pattern.

ExecuJet has obtained certification in Vietnam and now provides local maintenance support. What services are currently offered?

Vietnam has a unique regulatory environment compared with many other Southeast Asian markets. All aircraft owned and operated in Vietnam must be registered locally. Foreign-registered aircraft are not permitted to operate domestically. As a result, maintenance providers must hold Vietnamese regulatory approval in order to support these aircraft.

Recognising this requirement, ExecuJet began working with Vietnamese authorities more than a year ago to obtain the necessary approvals. The certification process was completed around six months ago, allowing the company to provide maintenance services for Vietnamese-registered business jets.

Vietnam was among the first Southeast Asian markets ExecuJet entered. Why was Vietnam prioritised?

Several factors influenced the decision. Firstly, the expansion began with an existing customer relationship. Initial interest came directly from Vietnamese operators seeking maintenance support.

Secondly, the aircraft types operating in Vietnam align closely with ExecuJet’s existing capabilities. The company already serves as an authorised service centre for Gulfstream and Dassault aircraft, which dominate the Vietnamese fleet.

Thirdly, geographic proximity played an important role. Hanoi, for example, is only around three hours by air from Beijing. From a customer perspective, flying to China for maintenance does not significantly increase travel time compared with other regional options.

Business aviation growth has been uneven across Southeast Asia. How does Vietnam compare with other regional markets?

Vietnam’s market remains smaller than more mature regional peers, but its growth trajectory is strong. Singapore, for example, had only a handful of business jets 15 years ago. Today, the fleet exceeds 80 aircraft. Indonesia operates around 60 business jets, while Thailand has approximately 45.

Vietnam’s fleet of around 12 aircraft represents a significant jump from zero just a few years ago. Importantly, multiple additional deliveries are already planned, indicating confidence in long-term growth.

Each market has its own characteristics. Aircraft preferences differ based on geography, business needs and infrastructure. Some markets favour smaller aircraft, while others gravitate toward large-cabin jets. Despite these differences, the underlying trend across Southeast Asia is consistent: economic growth is driving increased demand for business aviation.

ExecuJet Haite is based in China. What challenges arise when supporting Vietnam from abroad, and how are they addressed?

In the long term, there is strong interest in developing infrastructure within Vietnam, including business jet maintenance, repair, and overhaul (MRO) and fixed-base operator (FBO) facilities.

However, the current fleet size does not yet justify major investment. Typically, a base of 30-40 aircraft is needed to support standalone infrastructure economically.

Vietnam’s airport development plans may change this equation. Several new airports are under construction or planned, and business aviation zones are expected to be incorporated. FBOs are likely to be established first, with MRO facilities following as the fleet expands. When the infrastructure matures, opportunities for deeper local engagement will emerge. Until then, proximity to China allows efficient cross-border support without compromising service quality.

How do you feel about having your name placed alongside the world’s most illustrious female leaders?

The award came as a complete surprise. Women’s Tabloid learned about me through the merger of FV with Thomson Medical Group. To be honest, I’ve always focused solely on my work and have always considered myself a member of the FV family. Standing at the awards ceremony in Dubai, looking at the list of winners from the US, France, Europe…, I truly felt the honour of having my efforts at a Vietnamese hospital recognised internationally.

Tran Le Quyen was honoured as “Best Emerging Woman CFO in Healthcare 2025” at the Women’s Tabloid Award 2025 ceremony in Dubai.

You joined FV in 2002. When you started, what direction did you envision?

At that time, there were no established financial frameworks for an international hospital in Vietnam. But from the very beginning, through my training and work in the US, I have identified one thing very clearly: “Managing cash flow and business success are paramount in the job of a chief financial officer”. I view finance as a tool to help hospitals operate better.

In the hospital business, “products” are not goods, but come from doctors, nurses, medical equipment, and are used to serve patients. I was involved in building the system, from medical record software and IT systems related to finance and accounting, to how to record expenses and revenue for each actual hospital activity.

The FV financial system is built from the bottom up, and every figure in the report accurately reflects what is happening in each department. That mindset later shaped FV’s entire financial system.

How difficult were the early years?

For the first four years, the financial situation was very stressful. Private hospitals were a relatively new concept in Vietnam at that time, and it took a very long time for patients to trust them.

FV obtained financing from the International Finance Corporation, a member of the World Bank Group. They set extremely stringent reporting standards regarding transparency, timeliness, and accuracy. Although Vietnam did not yet have clear standards for private hospital finance at that time, FV’s financial system followed international standards from the beginning.

When was the first milestone you took real pride in?

That was the debt restructuring programme in 2007. It might not sound appealing, but for FV at that time, it was vital. The programme helped FV save approximately $13 million out of a total investment of $44 million. That figure significantly reduced the financial burden, allowing the hospital to continue its stable growth.

What is your general assessment of hospital finance?

The hospital sector is arguably the most complex of all sectors. Other industries may produce a similar product, with a nearly fixed cost structure. Hospitals are different. When performing surgery on a patient, each surgical procedure depends on medical supplies, equipment, medications, as well as the skill of the doctor. Each doctor has a different working style, different surgical durations, and different treatment indications.

Even patients are affected: some only need simple intervention, while others have multiple underlying conditions, longer treatment times, and varying costs.

Building a price framework that is both competitive and transparent, while covering actual costs and ensuring returns for investors is a very difficult problem. To solve this problem, the financial system must be extremely detailed and closely aligned with the actual operations of each department.

“When hospital finances are done correctly, they contribute to improving the quality of treatment and even saving more patients’ lives,” Tran Le Quyen, CFO of FV Hospital.

Financial decisions can have a significant impact on the quality of treatment. How does FV solve this problem?

From the very beginning, FV has set a mission to put the patient at the centre. I am very proud to say that we have never allowed finances to interfere with our doctors’ prescriptions.

There are many ways to increase profits, such as increasing testing, shortening hospital stays to rotate hospital beds faster, and choosing cheaper supplies. But FV didn’t do that. All professional decisions rest with the medical boards. The role of finance is to optimise processes and procurement so that doctors have the best conditions to treat patients.

FV is one of the most expensive hospitals in the industry, yet its service prices have remained stable for many years, even when exchange rates are constantly fluctuating. What does the finance department do to reconcile these two factors?

This is a problem that FV’s finance department has to solve every day. We have a detailed reporting system down to each department, and I also directly negotiate with many major suppliers and strategies to secure the best equipment purchase prices and terms. Most importantly, our hospital knows how to balance prices and high-quality treatment processes to attract enough patients to share depreciation so that the hospital can recoup its investment within the planning period or sooner.

For example, at the time we invested over $5 million in the Hy Vong Cancer Centre at the end of 2018, the centre’s revenue was only about $2 million per year. To date, thanks to a strategy of optimising equipment and treatment quality at affordable price, that figure has exceeded $10 million per year.

FV has equipped itself with the Da Vinci Xi robotic surgical system, worth over $3 million.

FV has also invested in the state-of-the-art Da Vinci Xi robotic surgical system, a leading technology in Southeast Asia. Robotic surgery offers many benefits but is not cheap; we are working with suppliers to offer attractive prices for patients to experience robotic treatment after the Lunar New Year 2026.

FV’s merger with Thomson Medical Group is considered one of the most high-profile M&A deals in the private healthcare industry. How did you feel when the deal was finalised?

When the deal was finalised, it was truly a “wow” moment. In fact, it is the result of nearly three years of preparation and over 20 years of building the financial system.

FV confidently chose to auction off the property to multiple investors simultaneously. Thanks to our detailed financial system spanning 60 departments, we can provide all the information investors need. They saw not just the assets, but a well-functioning, transparent, and scalable operating system. I am very proud that Thomson has such high regard for FV’s financial system.

After more than 20 years working in healthcare finance, how would you define your role?

The CFO is a partner with the company in building a sustainable financial foundation. That requires high EQ, a willingness to accept challenges, and a spirit of continuous learning, including the application of AI.

If the finances are done correctly, this will not only help hospitals grow, but also directly contribute to improving the quality of treatment and even saving more lives.

Tran Le Quyen joined FV in 2002 as a financial analyst. Since 2010, she has held the position of CFO at the hospital. After eight years back in the US with her family, she returned to FV to take on this position from 2017 to the present. She made a significant contribution to the successful M&A deal of $382 million in Vietnam’s healthcare industry with Thomson Medical Group in 2023. She is one of four female leaders from Vietnam have been honoured by Women’s Tabloid Magazine with the Women’s Tabloid Award 2026, alongside CEO Mai Kieu Lien (Vinamilk), CEO Le Hoang Diep Thao (TNI Corporation), and COO Ruby Hoang (Cho Tot).

Thomson Medical Group announces FV Hospital as member On January 17, the Singaporean Thomson Medical Group announced that FV Hospital has become a member after an acquisition deal worth VND9 trillion (around $380 million).

FV Hospital and O2 Healthcare Group set up first regional Thoracic Surgery Centre FV Hospital, a member of Thomson Medical Group, signed a memorandum of cooperation on August 15 with Singapore’s O2 Healthcare Group, a member of OUE Healthcare Limited, to set up the first regional Thoracic Surgery Centre in Vietnam.

FV Hospital’s integrated care model proves comprehensive and effective The intensive care unit (ICU) is often seen as the frontline in the battle for patients’ lives, where the collaboration between multiple specialities determines success. At FV Hospital, a multidisciplinary, comprehensive care model has demonstrated remarkable effectiveness in treating critically ill patients.

Bui Trung Nghia, vice chairman of VCCI

On February 5, in Hanoi, the Vietnam Chamber of Commerce and Industry (VCCI), in coordination with South Africa’s Department of Trade, Industry and Competition, held the Vietnam-South Africa Business Networking Meeting, with the participation of representatives from diplomatic missions, trade promotion organisations and business communities from both countries.

The event took place against the backdrop of Vietnam and South Africa upgrading their bilateral ties to a Strategic Partnership in 2025, providing a favourable political and legal foundation to promote cooperation in trade, investment and broader economic relations.

In his opening remarks, Bui Trung Nghia, vice chairman of VCCI, welcomed the South African business delegation led by the Department of Trade, Industry and Competition on its visit to Vietnam in the early months of 2026.

“Africa and the Middle East have been identified as markets with significant potential, alongside traditional markets such as the US and China,” Nghia said.

“Vietnam is focusing on diversifying export markets and strengthening enterprise capacity to participate more deeply in global supply chains. In this context, Africa is a highly promising market that is attracting growing interest from the Vietnamese business community,” he added.

Vietnam and South Africa share a long-standing friendly relationship, underpinned by an increasingly comprehensive legal framework. The elevation of bilateral relations to a strategic partnership last year is seen as a major step forward, creating fresh momentum for cooperation across a wide range of sectors.

South Africa is currently Vietnam’s largest trading partner in Africa. In 2025, total bilateral trade reached around $1.3 billion, down approximately 24 per cent on-year due to global economic headwinds. Vietnam’s main exports to South Africa include mobile phones and components, textiles and garments, footwear, rice, coffee and seafood, while imports from South Africa comprise coal and solid fuels, fruit, wine, beef and minerals.

Both sides are working towards a more balanced bilateral trade turnover of $4-5 billion within the next two to three years by expanding product categories, strengthening business linkages and better leveraging the complementary nature of the two economies. Vietnam is also encouraging members of the Southern African Customs Union to consider negotiations on a trade deal.

“These figures demonstrate that cooperation potential between the two countries remains substantial, particularly given the complementarity between the two economies. VCCI expects that businesses from both countries will make better use of cooperation opportunities in the time ahead,” Nghia said.

Building on the MoU signed between VCCI and the South African Chamber of Commerce and Industry in 2024, the two sides have committed to enhancing information exchange, partner matching and the organisation of trade promotion activities, exhibitions, business forums and market survey missions.

Sectors identified as having strong potential for cooperation include energy and mining, agriculture and food processing, industry and logistics, as well as technology and innovation.

With a network of more than 200 industry associations and nearly 200,000 member enterprises, VCCI stated its readiness to act as a bridge, working closely with South African authorities to further boost practical and effective economic and trade cooperation between the business communities of the two countries.

Vietnam continues to consolidate its position as one of Asia-Pacific’s fastest-growing economies, supported by a domestic market of over 100 million people, a competitive labour force, and steadily improving infrastructure. In 2025, an estimated GDP growth of 8.02 per cent was recorded, with the size of the economy reaching around $514 billion and per-person income at $5,026. Realised foreign direct investment amounted to approximately $27.62 billion, up 9 per cent on-year, reflecting continued confidence among international investors.

Import-export turnover reached $930 billion in 2025, an increase of 18.2 per cent on-year. Exports stood at $475 billion, while imports reached $455 billion. To date, Vietnam has signed 17 free trade agreements with major partners worldwide and is actively diversifying export markets while enhancing enterprise capacity to integrate more deeply into global supply chains.

Vietnamese businesses diversify amid global trade shifts Domestic companies are increasing diversification across Southeast Asia while expanding into Latin America and other global markets, unlocking new growth opportunities amid a changing global trade landscape.

Vietnam ready to increase purchases of US goods Vietnam is willing to step up imports from the US, with a focus on machinery, equipment, and high technologies.