Samsung Elec needs aggressive gov't support to catch up with TSMC: Report
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According to the report from Korea Economic Research Institute (KERI) under the Federation of Korean Industries, the country’s biggest business lobby group, Korea's highest corporate tax rate is 25 percent, which is 5 percentage points higher than Taiwan's. The Yoon Suk-yeol administration is pushing to lower the top tax rate to 22 percent, but that would be still higher than that of TSMC even after the tax reform.
In terms of tax credit, TSMC receives 40 percent for its cost of semiconductor package processing along with a 15 percent tax credit for R&D investment from the Taiwanese government. In addition, subsidies are given for manpower training in the semiconductor field in Taiwan.
Samsung Electronics has received a tax credit of 2 percent for R&D investment and 1 percent for facility investment. However, under a special law designed to support the local semiconductor industry that took effect last Thursday, the tax credit rate in Korea will be raised to a maximum of 40 percent for R&D investment and to up to 6 percent for facility investment.
The report also found that TSMC pays less for its employees’ wages than Samsung Electronics, with the wage per employee at TSMC averaged at about 95 million won ($72,800). Samsung Electronics pays 144 million won. Taiwan also trains about 10,000 semiconductor manpower annually, overwhelmingly larger than some 1,400 in Korea.
The latest findings suggest that Samsung Electronics needs more aggressive government support to catch up with leader TSM.
According to TrendForce research, TSMC took up more than half of the global foundry market in the first quarter, and Samsung Electronics ranked second with a 16.3 percent market share. Compared to the previous quarter, TSMC reported a 11.3 percent rise in sales and market expansion of 1.5 percentage points.
Samsung Electronics is actively seeking to narrow the gap with TSMC with technology advancement. In June, Samsung Electronics started commercial foundry production of the world’s first 3-nm transistors built on Gate-All-Around (GAA) technology. A second-generation GAA process is being developed with a goal of commercial production by 2024.
In contrast, TSMC’s 3-nm chip production project hits a snag as Intel, one of its key clients, suddenly decided to cancel its orders.
Market research firm Omdia forecasts that sales from 3-nm transistors in the foundry industry will begin this year and beat 5nm sales in 2024, with an exponential annual growth rate of 85 percent by 2025.
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