In May 2013, Yeo was awarded the Lifetime Achievement Award by the Semiconductor Industry Association SEMI. The award was presented to Yeo for his pioneering and significant contributions to Singapore's economic development, especially in the promotion and growth of the semiconductor industry. During his tenure as Chairman of the EDB, Yeo was instrumental in leading Singapore's strategic growth and investment into the semiconductor industry, which today boasts an annual output of over $49 billion, hires over 42,000 employees and has 14 wafer fabrication plants.