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S.Korea’s Samsung to expand trade, investment in Vietnam: CEO

S.Korea’s Samsung to expand trade, investment in Vietnam: CEO

Saturday, August 06, 2022, 15:06 GMT+7
S.Korea’s Samsung to expand trade, investment in Vietnam: CEO
This image shows the meeting between Vietnamese Prime Minister Pham Minh Chinh and South Korea’s Samsung Electronics CEO Roh Tae Moon in Hanoi on August 5, 2022. Photo: Vietnam Government Portal

South Korean conglomerate Samsung Electronics will make a business and investment expansion in Vietnam, with a target of US$69 billion worth of exports and an additional investment of US$3.3 billion this year, among other activities, the group’s leader has said.

Samsung CEO Roh Tae Moon told Vietnamese Prime Minister Pham Minh Chinh about the giant’s expansion of operations in Vietnam at their meeting on Friday, as part of his ongoing working visit in the Southeast Asian country.

Specifically, Samsung will manufacture semiconductor products at its Samsung Electro-Mechanics Vietnam, located in northern Thai Nguyen Province, in July 2023, the CEO said.

The group will also inaugurate its research and development (R&D) center in Hanoi late this year or early next year to serve not only Vietnam but other Southeast Asian countries as well.  

In addition, Samsung plans to assist 50 Vietnamese enterprises in improving their competitiveness under a smart factory model, while promoting its cooperation with Vietnamese universities and research institutions.

CEO Roh highly appreciated Vietnam’s efforts and achievements in the COVID-19 fight as well as in its economic recovery and development from the pandemic.

He thanked the Vietnamese government for helping Samsung overcome the pandemic-caused difficulties and for creating a favorable environment for the group’s operations in the current context of a changing world.

He suggested that Vietnam should improve the quality of human resources through training to meet the needs of enterprises and investors.

PM Chinh suggested that Samsung expand investment in manufacturing semiconductors, one of the groups’ three strengths in Vietnam, besides its current effective production lines for mobile devices and consumer electronics products.

He also urged the group to accelerate the construction of the R&D center in Hanoi so that it can be complete by the end of the year.

With a cooperation spirit based on “sincerity, trust and efficiency” and on the principle of “harmonious benefits, shared risks,” the Vietnamese government is committed to creating favorable conditions and improving the investment environment for foreign investors in general and Samsung in particular, PM Chinh said.

He suggested Samsung continue giving feedback on Vietnam’s relevant policies and mechanisms, adding that the Vietnamese government will deal with the group’s recommendations.

Chinh also asked Samsung to play as a bridge to bring more investors from South Korea as well as from other countries to Vietnam.

In the first half of this year, Samsung Vietnam gained $34.3 billion from exports, up about 18 percent on year, and aims to earn a total turnover of $69 billion for the whole year, Roh said.

The group will also inject $3.3 billion to its business in Vietnam, the CEO said.

Currently, South Korea is Vietnam’s third largest trading partner after China and the U.S., and the largest foreign investor in Vietnam with 9,383 operating projects worth nearly $80 billion.

Last year the two-way trade between the two countries amounted to $78.1 billion, up 18.33 percent from 2020, and accounting for 11.6 percent of Vietnam’s total trade value, according to official figures.

Samsung currently has eight facilities in Vietnam, including six manufacturing plants, one R&D center, and one sales entity.

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Vinh Tho - N.An / Tuoi Tre News

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