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Across leading robotics markets, humanoid robots are beginning to move beyond staged demonstrations into factories, warehouses, and other industrial environments. During its 2025 pilot at BMW Group Plant Spartanburg, Figure 02 handled more than 90,000 components and accumulated approximately 1,250 operating hours within an active automotive production line. Such deployments suggest that demand is beginning to emerge most clearly in structured applications where robots can perform useful work within facilities and workflows originally designed for people. However, successful pilots should not be mistaken for commercial maturity. To progress towards repeatable deployment at scale, humanoid robots must become safer, more dexterous, capable of sustaining productive uptime, and economically competitive with human labour and existing automation alternatives. Achieving this will depend not only on advances in artificial intelligence, but also on the maturity of the supply chain for actuators, sensors, batteries, processors, precision components, and supporting infrastructure. This article examines where genuine demand for humanoid robots is emerging, which commercialisation gaps still separate pilots from scale, and how China and the United States are pursuing different pathways to overcome them. It also considers where value may accrue across the broader ecosystem as humanoid robotics moves towards reliable and economically viable industrial adoption. Robot Figure 02 during its 2025 pilot at BMW Group Plant Spartanburg, where it supported production of more than 30,000 BMW X3 vehicles, handled over 90,000 components, and logged approximately 1,250 operating hours — Source: BMW Group’s official website. 1. Why Humanoids, and Why Now? Conventional industrial robots have historically created value through specialisation Many current humanoid platforms are being developed as general-purpose or multipurpose robots capable of performing different tasks within human-designed environments. McKinsey groups general-purpose robots into three principal forms: wheeled robots, quadrupedal robots, and humanoid robots. Wheeled robots move efficiently across flat, structured environments such as warehouses; quadrupeds are better suited to stairs, uneven terrain, and inspection in hazardous locations. Meanwhile, humanoids are general-purpose, bipedal robots modelled on the human form, combining human-like arms and hands with the mobility needed to operate in environments designed for people and, where safety requirements are met, alongside human workers. General-purpose robotic architectures: wheeled, quadrupedal, and humanoid systems - Source: McKinsey & Company. Why, then, build a robot in human form? The answer is not aesthetics, but compatibility. Many factories, warehouses, and commercial facilities are already designed around human reach, movement, tools, and workstations. A humanoid could therefore extend automation within existing brownfield environments while reducing, rather than eliminating, the need for major facility redesign. The near-term value proposition appears strongest in repetitive, physically demanding, or hazardous tasks that are difficult to automate economically with fixed, single-purpose systems. In material handling, machine tending, inspection, and component transfer, humanoids could reduce worker exposure to heavy lifting, heat, chemicals, or repetitive strain, while moving between workstations and adapting to changing layouts. This flexibility may also improve the economics of automation: instead of installing a dedicated machine for each task, one platform could potentially support several workflows as demand changes. 2. Beyond the Hype: Is Commercial Demand Emerging? The clearest evidence of humanoid demand is beginning to come from operating environments. At BMW Group Plant Spartanburg, Figure 02 moved from laboratory training into an active automotive production line. During its 2025 deployment, the robot retrieved and positioned sheet-metal components for welding, supported the production of more than 30,000 BMW X3 vehicles, moved over 90,000 parts, and accumulated approximately 1,250 operating hours and 1.2 million steps (BMW Group, 2026). Commercial activity is also beginning to extend beyond individual pilots. Following an initial proof of concept, GXO and Agility Robotics entered a multi-year Robots-as-a-Service agreement to deploy Digit in live logistics operations (Agility Robotics, 2024). At GXO’s SPANX facility, Digit works alongside existing autonomous mobile robots, moving totes from other robotic systems onto conveyors. Mercedes-Benz has separately entered a commercial agreement with Apptronik to test Apollo for parts delivery, component inspection, and the movement of kitted totes within manufacturing facilities (Apptronik, 2024). These programmes remain limited in volume, but they represent a stronger demand signal than prototypes alone: customers are committing facilities, workflows, engineering resources, and operating time to determine whether humanoids can create measurable value. Taken together, the strongest demand signals are emerging in factories and logistics facilities. The task categories most frequently tested in live industrial environments include material movement, component transfer, package handling, machine tending, and routine inspection. In these settings, humanoids are not replacing all existing automation; rather, they are being tested as a flexible layer between fixed industrial robots, wheeled mobile systems, and human workers, particularly where a task requires both mobility and manipulation within infrastructure designed for people. Market signals point to rising confidence in humanoid robotics, although realised demand remains at an early stage. According to McKinsey & Company (2025), investor interest in general-purpose robotics, including humanoids, has accelerated sharply. Annual funding increased fivefold between 2022 and 2024 to exceed US$1 billion, with most capital concentrated in China and the United States. Meanwhile, Mordor Intelligence (2026) projects the global humanoid market to grow from US$3.93 billion in 2026 to US$17.80 billion by 2031, representing a 35.26% CAGR. Humanoids Market - Source: Mordor Intelligence At the same time, Morgan Stanley (2025) estimates that the wider humanoid economy could exceed US$5 trillion by 2050, with more than one billion units in operation and approximately 90% deployed in industrial and commercial settings. These figures indicate substantial market expectations, but commercial agreements, repeat deployments, and operating performance remain the more reliable evidence of actual demand. Taken together, the market is moving beyond experimentation, but its commercial shape remains highly selective. Demand is real, yet it is emerging primarily in narrow, structured industrial workflows, especially within factories and logistics facilities, rather than in open-ended, general-purpose applications. More complex use cases, including household assistance and operation in highly variable environments, remain largely prospective. Near-term adoption will therefore be driven by platforms that can perform a limited set of valuable factory tasks reliably, not by robots claiming universal capability. 3. From Pilot to Scale: Four Commercialisation Gaps. The emergence of industrial pilots shows that humanoids can perform useful work under defined conditions. Commercial scale, however, requires a higher standard: robots must operate safely alongside people, remain productive throughout a working shift, perform tasks with sufficient mobility and precision, and deliver economics that justify deployment beyond a single site. McKinsey & Company (2025) frames these requirements as four bridges between pilot validation and repeatable commercial adoption. Safety readiness is the first condition for wider deployment. Humanoids will need to operate in shared workspaces without depending on constant supervision or extensive physical separation. This requires vision, proximity detection, tactile sensing, force-limited actuation, compliant joints, and fall recovery to function as a coordinated safety system. Technical safeguards must also be supported by consistent testing and recognised certification pathways; until then, many deployments are likely to remain partially segregated. Sustained uptime determines whether a robot can become a productive asset rather than an intermittent demonstration. Current humanoids typically operate for only 02 to 04 hours per charge, compared with the 08 to 12 hours expected in many industrial shifts. Battery swapping and fast charging offer practical near-term responses, while lighter structures, more efficient transmissions, stronger thermal management, and faster fault recovery can extend productive time further. Dexterity and mobility define the range of work a humanoid can perform. Current systems can already support transport, basic handling, and inspection, and low-variability conditions but remain materially behind humans in fine manipulation and adaptability. Human hands possess approximately 20 to 27 degrees of freedom, while robotic hands generally offerfewer independently controlled movements and less effective tactile feedback. Reliable manipulation also requires the continuous integration of vision, touch, force, balance, and real-time learning, capabilities that remain strongest in structured settings. Cost competitiveness ultimately determines whether technical capability can translate into broad adoption. A humanoid may perform a task successfully, but customers will not expand deployment unless its cost compares favourably with human labour, fixed automation, or other robotic alternatives. Affordability depends not only on lower component prices, but also on utilisation, maintenance, serviceability, and the amount of supporting infrastructure required. Although the four bridges address different dimensions of commercial viability, each is influenced by the maturity of the underlying component supply chain, with the most direct impact on cost reduction. Safety depends on reliable sensors, force-controlled actuators, redundant control systems, and components that can be validated consistently. Uptime is shaped by battery performance, power electronics, thermal management, spare-part availability, and ease of maintenance. Dexterity and mobility rely on precision actuators, gear systems, tactile sensing, and lightweight structures that can deliver repeatable motion at scale. Cost competitiveness, meanwhile, depends on whether these components can be standardised, sourced from multiple qualified suppliers, and manufactured at sufficient volume. The humanoid bill of materials shows where these dependencies are concentrated. Five hardware domains account for approximately 85% to 90% of total unit cost. Actuation represents an estimated 40% to 60%, followed by sensing and perception at 10% to 20%, compute and control at 10% to 15%, structural components at 5% to 10%, and battery modules at 5% to 10%. Component cost by level of differentiation in humanoid robots Source: McKinsey & Company. This also provides part of the context why the leading ecosystems are pursuing different routes to commercialisation: China is drawing on manufacturing depth and rapid field deployment, while the United States is building from strengths in AI, simulation, and software-led autonomy. 4. Two Paths to Scale: China and the United States. As humanoid robotics moves from pilot deployment toward commercial scale, competition is increasingly taking place at the ecosystem level. China and the United States approach this challenge from different starting points, although the distinction is one of relative emphasis rather than an absolute division. China benefits from manufacturing depth, component availability, and rapid physical deployment, while the United States draws more heavily on strengths in artificial intelligence, computing infrastructure, simulation, and software-led autonomy. Both are seeking the same commercial flywheel: improved hardware and models enable wider deployment; deployment generates operating data; and higher production volumes support further performance improvements and cost reduction. China’s model is supported by the depth of its industrial base. According to the International Federation of Robotics (IFR, 2025), China remained the world’s largest industrial robotics market in 2024, installing a record 295,000 units and accounting for 54% of global deployments. This was nearly six times the 50,100 units installed across the entire Americas, where installations exceeded 50,000 for the fourth consecutive year but declined 10% from 2023. China’s operational stock exceeded two million robots, while domestic manufacturers supplied 57% of its home market, up from approximately 28% a decade earlier. China’s humanoid sector can draw on established electric-vehicle, industrial-robot and electromechanical supply chains for motors, harmonic drives, batteries, power electronics, sensors and precision components. The country processes around 90% of the world’s permanent magnets, while dense manufacturing clusters in Shenzhen, Suzhou, Hangzhou and Ningbo allow OEMs to source alternatives and revise designs through relatively short production cycles. McKinsey & Company has also cited recent data indicating that approximately 7,700 humanoid-related patents over the past five years, reinforcing a model in which higher production volumes, faster hardware iteration and real-world data collection support one another. The United States approaches the same problem from the intelligence layer. Its ecosystem includes Google, Nvidia and Tesla, alongside specialised companies such as Physical Intelligence, Figure AI, Apptronik and Agility Robotics. Nvidia’s open-source GR00T foundation model and investments across the robotics sector strengthen a software infrastructure focused on autonomy and capability transfer across tasks and platforms. In 2024, US private AI investment reached approximately US$109 billion, nearly twelve times China’s US$9.3 billion, illustrating the difference in capital available for frontier-model and compute-intensive development. US companies therefore rely more heavily on simulation, teleoperation, human demonstrations and purchased training data. This approach can advance model development before large fleets are deployed, but its commercial value depends on whether skills learned in controlled or virtual environments transfer reliably into variable workplaces. According to Bloomberg (2026), the constraint is particularly important in embodied AI: capable models may ultimately require tens of millions of hours of physical-interaction data, while leading companies are currently estimated to have accumulated only around 500,000 hours. The two pathways also carry different risk: China’s manufacturing scale and cost advantages coexist with restrictions on access to certain advanced computing technologies, while overseas expansion may be constrained by cybersecurity, data-governance and certification requirements. The United States has greater strength in models and computing but remainsmore dependent on international hardware supply chains and must still demonstrate that advanced intelligence can deliver dependable customer-site performance. The distinction between the two models is unlikely to remain absolute. Commercially viable humanoids will require both intelligence capable of adapting across tasks and hardware that is safe, reliable, and affordable enough to deploy at scale. The strongest position may ultimately belong not to the purest hardware-first or intelligence-first model, but to the ecosystem that integrates both capabilities most effectively. 5. Where Value May Accrue? Humanoid robotics is entering a more commercially credible, but still selective, phase. Demand is forming around structured industrial workflows, while scale still depends on closing persistent gaps in safety, uptime, dexterity, and cost. The investment landscape is therefore broader than the race to build the robot itself. Full-stack OEMs may capture value through control of the platform, customer relationship, and embodied-data loop. Yet equally important opportunities may emerge in the enabling layers: actuators and precision components, tactile and perception systems, batteries and charging, fleet software, safety and certification, and brownfield integration. Actuation is particularly significant, accounting for roughly 40%–60% of the bill of materials. For investors, the strongest signals will be operational rather than promotional: pilot-to-paid conversion, customer-site uptime, intervention frequency, cost per productive hour, BOM reduction, and manufacturing readiness at scale. The companies best positioned to capture value may not be those producing the most striking demonstrations, but those whose deployments customers choose to repeat, expand, and integrate into everyday operations. References: Agility Robotics (2024), GXO signs industry-first multi-year agreement with Agility Robotics, https://www.agilityrobotics.com/content/gxo-signs-industry-first-multi-year-agreement-with-agility-robotics Apptronik (2024), Apptronik and Mercedes-Benz enter commercial agreement, https://apptronik.com/news-collection/apptronik-and-mercedes-benz-enter-commercial-agreement Bloomberg (2026), China sends robots out into the world to learn how to be human, https://www.bloomberg.com/news/articles/2026-07-15/china-sends-robots-out-into-the-world-to-learn-how-to-be-human BMW Group (2026), BMW Group: First humanoid robot introduced in Plant Leipzig, https://www.bmwgroup.com/en/news/general/2026/humanoid-robot-in-leipzig.html International Federation of Robotics (2025), Global robot demand in factories doubles over 10 years, https://ifr.org/ifr-press-releases/news/global-robot-demand-in-factories-doubles-over-10-years McKinsey & Company (2025), Will embodied AI create robotic coworkers?, https://www.mckinsey.com/industries/industrials/our-insights/will-embodied-ai-create-robotic-coworkers McKinsey & Company (2026), Turning humanoid supply chain constraints into billion-dollar wins, https://www.mckinsey.com/industries/industrials/our-insights/turning-humanoid-supply-chain-constraints-into-billion-dollar-wins Mordor Intelligence (2026), Humanoids market size and share analysis—growth trends and forecast (2026–2031), https://www.mordorintelligence.com/industry-reports/humanoids-market Morgan Stanley (2025), Humanoids: A US$5 trillion market, https://www.morganstanley.com/insights/articles/humanoid-robot-market-5-trillion-by-2050

Vietnam’s semiconductor push entered a more concrete phase in 2026. In January, Viettel broke ground on the country’s first domestically owned semiconductor fabrication plant at Hoa Lac High-Tech Park, with trial production targeted for the end of 2027. On June 26, the Ministry of Science and Technology officially inaugurated the Vietnam National Multi-Project Wafer Coordination Center, or VNMPW/CC, the country’s first national facility dedicated to supporting semiconductor chip prototyping. Less than a month later, on July 21, the Ministry of Justice published the dossier for the draft Law on Key Industries, under which semiconductors and strategic minerals, including rare earths, which proposes including semiconductors and strategic minerals, including rare earths, among the country’s priority industries. Taken together, these developments underscore the growing momentum behind Vietnam’s semiconductor ambitions. Yet the more important question is what this momentum has translated into so far: where Vietnam currently sits in the global value chain, which capabilities and economic benefits it has already captured, and what additional capabilities are needed to translate individual projects into a deeper domestic ecosystem. This article, therefore, provides an overview of the global semiconductor value chain, an assessment of Vietnam’s position and domestic capabilities, and priorities for a deeper, more competitive ecosystem. 1. Vietnam’s Semiconductor Market Position. According to the Semiconductor Industry Association (2026), the global semiconductor industry reached US$791.7 billion in sales in 2025, an increase of 25.6% from the previous year, and is projected to approach US$1 trillion in 2026. Regionally, the market is entering a sustained growth phase. According to IMARC Group, Southeast Asia’s semiconductor market reached US$26.06 billion in 2025 and is projected to grow to US$56.64 billion by 2034, representing a CAGR of 8.74% from 2026 to 2034. Southeast Asia Semiconductor Industry Value Chain - Source: IMARC Group Southeast Asia participates across the full semiconductor journey, spanning upstream inputs, chip design, manufacturing, distribution and integration into end products. Capabilities vary significantly across these stages. Front-end wafer fabrication captures the highest value per unit. Back-end manufacturing, commonly grouped under OSAT (Outsourced Semiconductor Assembly and Test), is more widely established across Malaysia, the Philippines, Thailand and Vietnam. Singapore serves as the region’s hub for chip design, wafer fabrication, trade and supply-chain coordination, while Malaysia and Vietnam are expanding their design and engineering capabilities. Vietnam represented 12.4% of the regional market, ahead of the Philippines at 9.6% and Indonesia at 8.7%. While its current position remains concentrated in back-end manufacturing, Vietnam is emerging as one of the region’s fastest-growing semiconductor markets. Momentum is strongest in assembly, testing, and packaging, supported by Intel’s established operations, Samsung-linked supply-chain demand, and new OSAT investment. According to Source of Asia, Vietnam’s share of global assembly, testing, and packaging capacity is projected to increase from 1% in 2022 to 8% by 2032, indicating one of the fastest capacity expansions among major ASEAN economies. The next question is how Vietnam can convert this growth into a more durable competitive position. The country’s current momentum is being driven largely by global supply-chain diversification, its established electronics manufacturing base, rising foreign investment, workforce development and stronger government support. The following sections first examine the strength of this FDI-led foundation, before assessing how Vietnam can translate it into deeper domestic capabilities, stronger supplier linkages and a more differentiated semiconductor ecosystem. 2. Vietnam’s FDI-Led Manufacturing Foundation. According to IMARC Group, Vietnam’s semiconductor market remains modest in absolute size, but its recent expansion has been driven primarily by foreign-invested projects The market reached US$7.7 billion in 2025 and is projected to increase to US$17.0 billion by 2034, representing a 9.21% CAGR from 2026 to 2034. Growth is being supported by both domestic demand and Vietnam’s expanding role in regional electronics supply chains. Vietnam Semiconductor Market Forecast - Source: IMARC Group By late 2025, the country had attracted more than 170 foreign-invested semiconductor projects, representing nearly US$11.6 billion in registered capital. The ecosystem included around 60 chip-design companies, eight packaging and testing projects, more than 20 materials and equipment suppliers, and over 7,000 chip-design engineers (Vietnam Government News, 2025). Several anchor projects have shaped this position over time. Intel established its assembly and testing operation at Saigon Hi-Tech Park in 2009 and has since increased total investment to approximately US$1.5 billion, making the site the largest assembly and test facility in its manufacturing network. Samsung has built a broader electronics manufacturing footprint in Vietnam and, according to a proposal reported in May 2026, plans to invest around US$1.5 billion in its first semiconductor testing facility in the country, with operations targeted for November 2027. Investment has accelerated further in northern Vietnam. Amkor Technology inaugurated its Bắc Ninh semiconductor packaging and testing facility in 2023 and has committed approximately US$1.6 billion to the project, with capabilities in System-in-Package, memory packaging and electrical testing. Hana Micron is also expanding its packaging and testing operations under an investment plan of around US$930 million through 2026. Together, these projects have reinforced Vietnam’s position in back-end manufacturing and created a growing base of production infrastructure, engineering talent and supplier demand. The design segment is smaller but increasingly supported by foreign R&D investment. Synopsys has developed a local engineering and training presence of approximately 500 employees, including around 400 R&D personnel, while Marvell’s Vietnam workforce surpassed 500 engineers in 2025, making the country its third-largest global R&D center after the United States and India. Local teams now participate in chip architecture, analog and digital design, physical design, firmware and hardware validation. 3. Vietnam’s Emerging Domestic Capabilities. The foreign presence gives Vietnam valuable production capacity, workforce development and exposure to global operating standards. However, the quality of the next investment cycle will depend increasingly on what exists around these anchor projects. The World Bank notes that stronger linkages with multinational companies require not only investment-promotion policies, but also greater “absorptive capacity” among domestic firms, the ability to meet technical requirements, adopt new knowledge and participate as suppliers or technology partners. In semiconductors, a credible domestic base can therefore become part of the investment proposition itself: global companies gain access not only to labour and infrastructure, but also to local engineering teams, design partners, suppliers and problem-solving capabilities. Companies Participating in Chip Design By Region in Vietnam - Source: Source of Asia Government reporting in 2025 identified nearly 50 foreign corporations and more than 10 Vietnamese companies engaged in chip design. These local participants include large technology groups such as Viettel and FPT, alongside younger design houses and startups such as VNChip, ConneXus and Hyphen Deux. The larger domestic groups provide early examples of progression from engineering services towards technology ownership. FPT Semiconductor introduced its first domestically designed integrated circuits in 2022 and subsequently reported orders for 70 million chips for delivery during 2024–2025, primarily for overseas customers. Viettel has pursued application-specific semiconductor development for telecommunications, including domestically developed digital-front-end technology for 5G infrastructure. Domestic companies such as Viettel and FPT currently remain concentrated mainly in design and back-end activities rather than large-scale front-end fabrication. A smaller group of entrepreneurial companies is beginning to fill more specialized positions. VNChip, founded from an IC-training initiative, now provides turnkey design services covering front-end design, verification, physical design, design-for-test and custom layout. ConneXus, established in 2023, focuses on AI accelerators, semiconductor IP and AI-enabled chip-design tools, with the stated objective of developing AI-optimized chips from Vietnam. Hyphen Deux is developing a fabless model around ASICs, embedded systems and AI platforms; in 2025, the company announced the successful tape-out of its first microcontroller, the HDx32U, for IoT and industrial applications. Vietnam’s domestic semiconductor ecosystem is still developing, with most local companies focused on design services, engineering support and selected back-end activities. A key constraint is funding the transition from R&D to commercialization, including EDA tools, tape-out, prototyping, testing, qualification and specialized equipment. The next phase will benefit from more patient, technically informed capital to support product validation and early production scale-up. 4. Vietnam’s Semiconductor Path Forward. Vietnam’s strategic opportunity is not to replicate the full semiconductor value chain, but to build a more coordinated ecosystem around its existing strengths in electronics manufacturing and back-end activities. Manufacturing attracted approximately US$26 billion in FDI in 2024, equivalent to around 67% of total registered foreign investment, while policy support has become more structured through Decision No. 1018/QĐ-TTg and Decision No. 1017/QĐ-TTg, both issued on 21 September 2024, the Law on the Digital Technology Industry, effective from 1 January 2026, and the Vietnam National Multi-Project Wafer Coordination Center, launched on 26 June 2026. The government also targets 50,000 semiconductor professionals by 2030, while rising demand from consumer electronics, 5G, IoT, automotive and industrial automation provides a growing end market; Vietnam produced nearly 388,500 vehicles in 2024, up 27% year on year. The more material gap lies in the limited domestic supplier base around Vietnam’s anchor manufacturers. Local firms remain underrepresented in areas such as test engineering, factory automation, process-control software, equipment servicing, cleanroom operations, failure analysis, precision components and semiconductor-grade materials. These are not peripheral services: they directly affect yield, uptime, contamination control and production reliability, and therefore determine whether suppliers can meet the operating requirements of global semiconductor companies. Building these capabilities will require more than general ecosystem coordination. Anchor manufacturers need mechanisms to identify, assess and progressively qualify local vendors; universities and technical institutes need closer exposure to actual production problems; public investment is most valuable where shared infrastructure, such as accredited laboratories, cleanrooms and prototyping facilities, would be uneconomic for individual firms to build; and capital providers need to account for long validation cycles, upfront equipment costs and delayed revenue. The objective is to create a larger pool of technically credible suppliers that can participate in production programs enabling more local firms to progress from general support services into technically demanding production programs. Qualification remains difficult because semiconductor customers require consistent quality, traceability, process stability and reliability before approving a new supplier. Entry often involves audits, sample validation, extended production trials and close collaboration with anchor customers. A pragmatic development sequence would prioritize operational quality and workforce capability first, followed by local supplier development and higher-value engineering, with proprietary IP, application-specific chip design, advanced packaging and selected fabrication technologies developed as longer-term capability areas. References list: IMARC Group. (2026a). Southeast Asia semiconductor market size, share, trends and forecast by components, material used, end user, and country, 2026–2034. https://www.imarcgroup.com/southeast-asia-semiconductor-market IMARC Group. (2026b). Vietnam semiconductor market size, share, trends and forecast by component, material type, application, and region, 2026–2034. https://www.imarcgroup.com/vietnam-semiconductor-market People’s Army Newspaper. (2026). First national semiconductor chip prototyping support center makes debut. https://en.qdnd.vn/social-affairs/news/first-national-semiconductor-chip-prototyping-support-center-makes-debut-592423 Semiconductor Industry Association. (2026). Global annual semiconductor sales increase 25.6% to $791.7 billion in 2025. https://www.semiconductors.org/global-annual-semiconductor-sales-increase-25-6-to-791-7-billion-in-2025/ Source of Asia. (2023). Vietnam semiconductor industry: Sectorial note. https://drive.google.com/file/d/1R1iFoG0Xy93qJHJm4o--IyD2c8GREPKr/view Viet Nam Government News. (2025). Viet Nam’s semiconductor industry attracts US$11.6 billion in FDI in 10 months. https://en.baochinhphu.vn/viet-nams-semiconductor-industry-attracts-us116-billion-in-fdi-in-10-months-111251110164615272.htm Viet Nam Government News. (2026). Viet Nam starts construction of first domestic chip plant. https://en.baochinhphu.vn/viet-nam-starts-construction-of-first-domestic-chip-plant-111260116145225385.htm Vietnam News. (2025). Viet Nam must strive to independently manufacture semiconductor chips by 2027: PM. https://vietnamnews.vn/politics-laws/1722635/viet-nam-must-strive-to-independently-manufacture-semiconductor-chips-by-2027-pm.html VnEconomy. (2026). Semiconductors, rare earths proposed as Vietnam’s priority industries. https://en.vneconomy.vn/semiconductors-rare-earths-proposed-as-vietnams-priority-industries.htm World Bank. (2024). Viet Nam 2045: Trading up in a changing world—Pathways to a high-income future. https://documents1.worldbank.org/curated/en/099111424204523679/pdf/P1787841e077190d919b24181b4dcb14765.pdf

We are pleased to share that on May 27, 2026, ProLogium Technology, a VinVentures portfolio company, announced its plan to list on Nasdaq through a US$3.8 billion SPAC transaction. The proposed listing marks an important milestone in ProLogium’s journey to scale its next-generation solid-state battery technology, including the development of its planned gigafactory in Dunkirk, France. VinVentures is proud to support ProLogium’s growth journey and looks forward to seeing the company continue driving innovation across electric mobility and other high-growth applications. Read more: https://prologium.com/prologium-a-next-generation-solid.../ ------------------------------------------------------------------------------------ 𝐅𝐨𝐫 𝐟𝐨𝐮𝐧𝐝𝐞𝐫𝐬 𝐛𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐝𝐢𝐬𝐫𝐮𝐩𝐭𝐢𝐯𝐞 𝐜𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 VinVentures welcomes startup submissions through our official application portal to ensure a smooth and complete review process! Apply here: https://www.vinventures.net/

On 24 October 2025, VinVentures Investor Night 2025 was held at Vinpearl Landmark 81, Ho Chi Minh City. This exclusive gathering brought together 60 representatives from notable investors, partners, and ecosystem leaders from across the region, fostering open dialogue and deeper connections within Vietnam’s innovation and private capital landscape. The event embodied the spirit of collaboration and long-term partnership, providing a setting for meaningful exchange of insights and perspectives on emerging opportunities across technology, investment, and entrepreneurship in Vietnam and beyond. VinVentures Investor Night 2025 brought together 60 representatives from notable investors, partners, and ecosystem leaders from across the region We are deeply grateful for the presence and support of our distinguished guests, whose engagement and shared vision continue to inspire VinVentures in our mission to accelerate innovation and shape the future of Vietnam’s startup ecosystem.  The event embodied the spirit of collaboration and long-term partnership If you’re a founder building transformative technology and seeking strategic partnership, we invite you to apply to collaborate with VinVentures here:  https://www.vinventures.net/application

On May 29, 2025, Venture Forum 2025 was held in Hanoi, co-hosted by VinVentures and the National Innovation Center (NIC). Under the theme “Redefining Capital,” the forum brought together an esteemed group of 200 leaders from government agencies, financial institutions, venture funds, startups, and corporate partners. Mr. Vo Xuan Hoai, Vice Director of the National Innovation Center (NIC), gave remarks at the event. For the first time, three of Southeast Asia’s top venture debt institutions: Genesis Alternative Ventures, InnoVen Capital, and January Capital - gathered at a forum in Vietnam to unlock new capital pathways and expand funding access for local startups. Over 200 leaders gathered at Venture Forum 2025 to explore new models of capital and collaboration. Ms. Tue Lam, CEO of VinVentures, presented insights on the industry and delivered remarks at the event. Panel Discussion 1 – “When Banks Think Like VCs” Moderated by Mr. Hai Nam Bui, CEO of SoBanHang, this session explored how financial institutions can evolve from traditional lenders into strategic innovation partners, highlighting the potential of venture arms, policy alignment, and tech-driven engagement models. Panel 1: “When Banks Think Like VCs” Session 2 – “Rethinking Venture Debt in Southeast Asia” Moderated by Ms. Ngoc Nguyen, Deputy Editor of DealStreetAsia Vietnam, this discussion emphasized how venture debt can serve as a complementary financing tool, with experts underscoring the importance of sound governance, credit readiness, and long-term planning. Panel 2: “Rethinking Venture Debt in Southeast Asia” Session 3 – “Fintech’s Role in Expanding Access to Capital” Moderated by Mr. Nam Doan, Principal at ThinkZone Ventures, the session showcased how fintech solutions are expanding access to finance, with founders sharing how trust, technology, and user-centric design can deliver inclusive services for underserved communities. Panel 3: “Fintech’s Role in Expanding Access to Capital” We extend our gratitude to all speakers, guests, partners, and media agencies whose participation made Venture Forum 2025 more than just a dialogue — it became a milestone for collaboration in shaping a more connected, resilient, and innovation-led ecosystem in Vietnam and Southeast Asia. As part of VinVentures’ core value of partnership, the forum reaffirmed our role as a connector of capital, ideas, and innovation across the region. 👉  To explore media coverage of the forum, please visit : 🔗 VnEconomy 🔗 Baodautu 👉 Interested in driving innovation with VinVentures? Share your venture with us   HERE .

Source:   Vingroup News, VinES partners with StoreDot to accelerate the development of extreme fast-charging (XFC) batteries ,  April 2023. In April 2023, VinES Energy Solutions, a member of Vingroup, announced a joint development agreement with StoreDot, an Israeli company known for pioneering extreme fast-charging (XFC) battery solutions for electric vehicles. Image source: Vingroup This collaboration builds upon VinES’s earlier strategic investment in StoreDot’s Series D funding round in January 2022, and marks an important milestone in advancing battery innovation within the Vingroup ecosystem. Under the agreement, VinES and StoreDot will co-develop XFC battery cells in multiple form factors, laying the groundwork for mass production and commercial deployment. StoreDot will license and share its proprietary XFC technology, while VinES will contribute its expertise in battery form-factor development, manufacturing, validation, and supply chain operations. The first generation of commercial-ready XFC battery cells is expected to launch in 2025, with VinFast vehicles set to be among the earliest adopters. These batteries aim to drastically reduce charging times and improve user experience, helping remove one of the major barriers to widespread EV adoption. StoreDot’s technology roadmap includes its “100inX” vision — delivering 100 miles of range in 5 minutes by 2024, in 3 minutes by 2028, and in 2 minutes by 2032. This roadmap, combined with VinES’s manufacturing and industrialization capabilities, positions the partnership to play a leading role in the future of electric mobility. VinVentures now oversees this investment, reflecting our empowerment value — giving startups the resources and strategic partnerships they need to turn bold ideas into real-world impact. Interested in driving innovation with VinVentures? Share your venture with us   HERE .

Source:   VinFast Press Release, VinFast partners with and invests in prologium for solid-state batteries development, July 2022. In July 2022, VinFast announced a multi-million-dollar investment in ProLogium, a global leader in next-generation solid-state battery technology, through a Vingroup-affiliated company. The strategic partnership is designed to strengthen VinFast’s long-term battery supply chain and advance its mission to deliver smart, high-performance electric vehicles globally. Image source: VinFast As part of this collaboration, VinFast and ProLogium signed a Memorandum of Understanding (MoU) outlining joint efforts in developing battery pack designs tailored to VinFast’s electric vehicle (EV) specifications. The collaboration will prioritize performance, safety, and sustainability, leveraging ProLogium’s proprietary solid-state battery technology. Under the agreement, ProLogium will begin supplying solid-state battery cells to VinFast as early as 2024, drawing from its first large-scale manufacturing facility expected to launch in 2023. A significant portion of the plant’s capacity will be allocated to serve VinFast’s production needs. The two companies are also exploring the potential for a joint-venture battery factory in Vietnam. Solid-state batteries are considered a breakthrough in EV technology, offering improvements in safety, energy density, fast-charging capability, weight, recyclability, and lifespan. This partnership marks a key step in VinFast’s strategy to secure access to advanced battery technology, meet growing global demand, and expand its smart mobility offerings. VinFast’s investment in ProLogium builds on a broader battery ecosystem developed by Vingroup. In 2021, Vingroup invested over 4 trillion VND to establish the VinES battery plant in Ha Tinh, Vietnam, producing battery packs and cells for VinFast EVs. Most recently, VinFast announced the construction of a $2 billion manufacturing facility in North Carolina, USA, for electric cars, e-buses, and related industries. VinVentures now oversees this investment, reflecting our role in advancing Vingroup’s pioneering spirit and deeptech synergies across the ecosystem. Interested in driving innovation with VinVentures? Share your venture with us HERE .

Last week marked the closing chapter of BOLD Bootcamp, a 3-month journey that began in September 2025, bringing together learning, execution, and real-world impact. 40 students from VinUni and renowned universities, coming from family businesses across a wide range of industries. BOLD is a 3-month training & internship program designed for Vietnam’s first generation of successors, built around the concept of Intrapreneurship, creating, innovating, and leading change from within existing organizations. The program is proudly co-organized by Entrepreneurship Lab VinUni ( Entrepreneurship at VinUniversity ) and  VinVentures , with a shared mission to nurture future leaders capable of driving sustainable transformation in family businesses and enterprises. BOLD Bootcamp in-person training days PROGRAM HIGHLIGHTS  40 students from VinUni and renowned universities, coming from family businesses across a wide range of industries. 4 intensive in-person training days (11 sessions) led by experts and mentors from VinVentures, VinUni, ITECOM, Spiderum, ProfM VN, ZIDO Capital, VNIDA, ThinkZone, DNA, and more. Key topics covered: from understanding family business legacy and intrapreneurial leadership, to selecting problems worth solving, strategic & investment thinking, technology decision-making, and culminating in storytelling, pitching, and milestone-based execution planning. 3 months of hands-on internship within participants’ own family businesses, where every insight was tested, adapted, and applied in real business contexts — resulting in in-depth business analysis, enterprise-tailored strategic proposals, and pilot/experimental solutions. 4 intensive in-person training days (11 sessions) led by experts and mentors from VinVentures, VinUni, ITECOM, Spiderum, ProfM VN, ZIDO Capital, VNIDA, ThinkZone, DNA, and more. The Final Presentation & Certification Ceremony, held at Cung Thanh Niên, Hanoi on January 17, marked not an end but the beginning of a new generation of intrapreneurs. BOLD is not just a bootcamp. It is a mindset, a practice, and a long-term commitment to building resilient, future-ready Vietnamese enterprises. ------------------------------------- 🤝 If you’re a founder or innovator building technology-driven businesses, VinVentures would be glad to connect. 📝 Startup application form:  https://www.vinventures.net/application 📩  contact@vinventures.net

Last Friday, December 12, the Final Round of the National Innovative Technopreneur Contest took place at Dong Kinh Nghia Thuc Square, Hanoi, as part of TECHFEST  Vietnam 2025, bringing together founders, investors, and ecosystem stakeholders from across the country. The Final Round of the National Innovative Technopreneur Contest took place at Dong Kinh Nghia Thuc Square, Hanoi VinVentures was honored to participate in this milestone event, with our CEO, Ms.  Tue-Lam (Jessica) , serving as a member of the judging panel, contributing to the evaluation and selection of the Top 10 outstanding startups from hundreds of applications nationwide and internationally. The competition was co-organized by the National Startup Support Center (NSSC) and the Department for Startups and Technology Enterprises (NATEC), in collaboration with key ecosystem partners including StartupWorldCup Vietnam, Impact Square, and MSD United Way Vietnam. Under the theme “Green Growth and Digital Transformation: Innovation for a Sustainable Viet Nam,” the Final Round was held in an open public space at the Hoan Kiem pedestrian area, bringing innovation closer to the community. Our sincere thanks to  NSSC ,   StartupWorldcup Vietnam , and the entire organizing team for the invitation and for delivering a meaningful and impactful event. Congratulations to all finalists — we look forward to continuing our support for founders shaping a greener, more innovative, and more sustainable Vietnam. At VinVentures, we are committed to empowering visionary founders and advancing breakthrough technologies that can deliver sustainable, long-term impact for Vietnam and the region. If you are building frontier technologies, we invite you to connect with us and explore opportunities to join the VinVentures portfolio:  https://lnkd.in/ecuheueK

We are thrilled to present the "Vietnam Tech Startup Ecosystem 2024" , a must-read report for anyone looking to stay ahead in the ever-evolving tech ecosystem. This comprehensive analysis focuses on deal activity and the investment landscape , shedding light on: Key trends driving Vietnam’s position as a leader in Southeast Asia’s tech investment growth.. Insights into deal activity over the last year, from deal sizes to notable transactions Emerging sectors beyond FinTech and Consumer Tech, such as Agritech and Foodtech, paving the way for new opportunities. FILL IN THE FORM TO GET THE REPORT

VinVentures is pleased to announce the release of the Vietnam Tech & Venture Capital Outlook 2025 report. As Vietnam’s technology ecosystem enters a more selective, fundamentals-driven phase, this report provides a comprehensive view of where capital is flowing, which sectors are gaining real momentum, and how investor behavior is evolving amid a more cautious global funding environment.  What’s inside the report Macro overview and deal landscape : funding volumes, stage dynamics, and capital allocation Sector deep dives across Fintech, Healthtech, EdTech, Logistics, Climate Tech, Semiconductors, Humanoids , and more Notable deals, emerging technologies, and structural shifts shaping the ecosystem A forward-looking outlook for 2026 , highlighting key risks, opportunities, and themes to watch This analysis brings together public information, secondary research, VinVentures-shared financial data, and selected industry perspectives to serve as a practical reference for Vietnam’s tech and venture ecosystem. Please fill in the form below to receive the report: https://www.vinventures.net/report-registration-2025

The rising tension involving Iran is creating a measurable disruption in global energy markets. The immediate pressure point is the Strait of Hormuz, a maritime corridor that carries approximately 20% of global oil supply and a similar share of liquefied natural gas (LNG) trade.  Close-up Middle East Map of Strait of Hormuz – Source: Canva   Recent incidents affecting 03 tankers, prompting roughly 200 vessels to anchor near the Strait to avoid transit risk. War-risk insurance was subsequently withdrawn for parts of the route, increasing freight costs and reducing shipping availability. In response, global oil prices rose approximately 9% on Monday, after an intraday spike of up to 13%. While the disruption remains partial rather than structural, the price reaction reflects market sensitivity to any constraint on Gulf supply. The impact is particularly relevant for Asia, which sources roughly 60% of its crude imports from the Middle East.  This article will synthesize how the escalating Iran conflict is highlighting structural vulnerabilities in Asian economies through energy dependence, financial markets, and currency pressures.  Energy Dependence and Macro Exposure  The most immediate transmission channel of the Iran escalation into Asia is energy dependence, which remains a structural feature of the region’s growth model.  According to Reuters (2026), China and India, the world’s largest and third-largest oil importers, would face supply shortages if disruptions extend. An extended closure of the Strait would push oil prices higher, force countries to draw down stockpiles, and potentially reduce refinery operations.  North Asia remains structurally dependent on imported crude. South Korea and Japan import more than 90% of their oil consumption, while China remains one of the world’s largest energy importers. This concentration amplifies exposure to sustained supply-side shocks.  The macro transmission effects are measurable. A sustained $10 increase in Brent crude typically:  Adds 20–30 basis points to headline inflation across major Asian importers  Widens current account deficits by approximately 0.3–0.4% of GDP in economies such as India  Strategic reserves provide short-term insulation. The International Energy Agency (IEA) requires member countries to hold oil stocks equivalent to at least 90 days of net imports. Japan, which maintains one of the world’s largest strategic reserves, has stated it has no immediate plans to release inventories and holds approximately 254 days of oil stockpiles. China’s domestic gas reserves are estimated to cover nearly 250 days of its Gulf imports.  These buffers reduce the probability of an immediate physical energy crisis. Unless the Strait of Hormuz experiences prolonged closure, supply disruption is likely to remain manageable in the near term.  Macro vulnerability therefore exists, but fundamentals alone do not fully justify the scale of the equity selloff observed on March 4, suggesting that financial market positioning may be amplifying the energy signal.  Capital Flows and Crowded AI Positioning  Beyond the energy channel, financial market structure has amplified volatility in North Asia.  Globally, the artificial intelligence investment cycle has driven a significant rotation in equity allocation over the past year. As AI infrastructure spending accelerated, investors increasingly allocated capital toward semiconductor hardware and memory manufacturers, particularly among semiconductor manufacturers in North Asia and Taiwan. This positioning created high concentration in a narrow segment of the market. At the regional level, North Asia became a primary beneficiary of this rotation. The investment case was supported by three data points:  Forward guidance from Samsung Electronics and SK hynix indicating memory supply tightness could extend through 2027  Strong earnings from Taiwan Semiconductor Manufacturing Co. (TSMC) reinforcing expectations of sustained hyperscaler capital expenditure  Broad upward earnings revisions across the regional semiconductor sector  Capital flows followed. The $16 billion iShares MSCI South Korea ETF recorded more than $1.2 billion in inflows in the week preceding the Middle East escalation, the largest weekly inflow in its 25-year history. This reflects elevated foreign investor exposure to a concentrated segment of the Korean market.  At the domestic level, participation also increased. In South Korea, active brokerage accounts and margin loan balances reached record highs. According to Goldman Sachs financial conditions indices, liquidity conditions were among the most accommodative in decades.  Under these conditions, markets were structurally sensitive to an external shock.  Following the Iran escalation, risk reduction was rapid. On Wednesday, equity markets in Hong Kong, Seoul, and Tokyo declined sharply. South Korea’s Kospi index fell more than 10% across two consecutive sessions, marking its largest two-day decline since the 2008 global financial crisis. Semiconductor heavyweights, including Samsung Electronics, SK hynix, and TSMC, experienced significant declines as investors reduced exposure.  The speed and magnitude of the correction indicate that deleveraging and position unwinding played a central role. While energy risk provided the catalyst, capital concentration amplified the market response.  Dollar Strength and Liquidity Tightening  If capital concentration explains the speed of the equity correction, currency dynamics explain the tightening of regional financial conditions.  Geopolitical escalation has supported the US dollar, which strengthened by approximately 1–2% in recent sessions. In periods of uncertainty, global capital typically reallocates toward dollar-denominated assets, increasing funding pressure in emerging markets.  At the regional level, a stronger dollar has three direct implications for Asia:  It raises the local-currency cost of oil imports  It increases the servicing burden of dollar-denominated liabilities  It constrains central bank policy flexibility  For energy-importing economies, the currency effect compounds the oil price effect. Higher crude prices increase import bills, while a stronger dollar magnifies those costs in domestic currency terms.  Country-level responses are already visible. India’s rupee approached record lows, prompting foreign exchange intervention. Authorities in Indonesia and other regional markets also stepped into currency markets to stabilize volatility. In China, policymakers adjusted the yuan fixing after previously signalling tolerance for gradual weakness, indicating sensitivity to capital outflow risk.  Simultaneously, higher oil prices increase inflation risk across the region. Central banks that were considering policy easing may delay rate cuts to contain currency depreciation and imported inflation. Higher short-term rates, in turn, increase the cost of margin financing.  This dynamic reinforces the equity adjustment observed in North Asia. As funding costs rise and liquidity tightens, leveraged positions, particularly in concentrated sectors such as semiconductors, become more vulnerable to unwinding.  Duration Risk and Market Outlook  Taken together, the energy shock, concentrated capital positioning, and tightening dollar liquidity define the near-term outlook for North Asia.  Historically, geopolitical events have led to 3–7% short-term corrections in Asian equity markets, with recovery typically following stabilization in energy supply conditions. The current drawdown has been more pronounced because it coincides with elevated leverage, record capital inflows into semiconductor equities, and concentrated exposure to a single AI-driven investment theme.  The forward trajectory now depends on three measurable variables:  The persistence of Brent crude at elevated levels  The operational stability of the Strait of Hormuz  The durability of US dollar strength  If oil prices stabilize and shipping flows normalize, inflation pressure would moderate and regional liquidity conditions could gradually ease. Under that scenario, North Asia’s semiconductor sector may re-anchor to earnings fundamentals, which remain comparatively resilient relative to US peers.  Conversely, if crude prices remain elevated and the dollar continues to appreciate, higher import costs and tighter financial conditions could prolong volatility. Equity markets would remain sensitive to further deleveraging, particularly in previously crowded positions.  As of March 4, 2026, the Iran escalation appears less a systemic economic shock and more a stress test of Asia’s structural energy exposure and North Asia’s concentrated capital positioning. The ultimate impact will be determined primarily by duration rather than initial intensity.  References:  Bloomberg. (2026). Iran war oil price surge puts global economic recovery at risk . Bloomberg. https://www.bloomberg.com/news/features/2026-03-03/iran-war-oil-price-surge-put-global-economic-recovery-at-risk   Bloomberg. (2026). The $108 oil war: Can the Middle East crash the world economy? Bloomberg. https://www.bloomberg.com/news/articles/2026-02-10/the-108-oil-war-can-the-middle-east-crash-the-world-economy   Olson, P. (2026). Why the Iran war has morphed into panic selling in Asia . Bloomberg Opinion. https://www.bloomberg.com/opinion/articles/2026-03-04/why-the-iran-war-has-morphed-into-panic-selling-in-asia   Bloomberg. (2026). Iran war spurs emerging markets rout, threatens investment case . Bloomberg. https://www.bloomberg.com/news/articles/2026-03-04/iran-war-spurs-emerging-markets-rout-threatens-investment-case   Reuters. (2026). Iran conflict disrupts oil supply to Asian countries dependent on Middle East . Reuters. https://www.reuters.com/world/asia-pacific/iran-conflict-disrupts-oil-supply-asian-countries-dependent-middle-east-2026-03-02/