Vietnam’s FPT Semiconductor launched its first line of semiconductor chips used in medical devices on Wednesday.
The company said in a statement it aims to supply 25 million chips globally by 2023 and is eyeing Japan, Taiwan, China, and the United States as key markets for the chips. Global semiconductor makers have in recent years been betting on Vietnam as an alternative production destination to China.
Vietnam’s total chip production has the potential to grow into a $1.65 billion industry by 2025, according to a report by U.S. market research company Technavio. Samsung said it will begin making semiconductor parts in Vietnam in July 2023 after injecting $920 million into its plant in the northern province of Thai Nguyen earlier this year.