Intel denies new investment in Vietnam

By Duc Minh November 8, 2023 | 04:23 am PT

The logo of Intel seen at its campus in Silicon Valley, California, U.S. Photo by Shutterstock/Sundry Photography

U.S. chip giant Intel has said that it had never announced any additional investment in Vietnam apart from the $1.5 billion investment it has already made so far.

"After raising our investment to $1.5 billion in 2021, we have never made any official announcement of a new investment," a representative told VnExpress Wednesday.

Reuters on Tuesday reported that the U.S. chipmaker had shelved a plan to invest $1 billion more in Vietnam, citing anonymous sources. The news outlet first reported about the plan in February.

Intel began its operation in Vietnam in 2006 with a chip manufacturing and testing factory in Ho Chi Minh City.

The factory, Intel Products Vietnam, is one of 10 manufacturing hubs of the company globally.

The facility, which employs 2,800 people, has shipped over 3 billion product units over 15 years of operation.
Intel leaders committed to long-term investment in Vietnam in a meeting with Deputy Prime Minister Tran Luu Quang in October.

Intel CEO Patrick Gelsinger told Prime Minister Pham Minh Chinh in May that the company would invest several more times in Vietnam in the future.

The company is expanding its investment in chip packaging in Malaysia, one of Vietnam’s main competitors in attracting foreign direct investment.