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Samsung expects to pour additional $1bn into Vietnam annually

Samsung expects to pour additional $1bn into Vietnam annually

Friday, May 10, 2024, 16:41 GMT+7
Samsung expects to pour additional $1bn into Vietnam annually
Vietnamese Prime Minister Pham Minh Chinh (R) shakes hands with Chief Financial Officer of South Korean conglomerate Samsung Electronics Park Hark Kyu at their meeting in Hanoi on May 9, 2024. Photo: Vietnam Government Portal

South Korean conglomerate Samsung Electronics expects to invest an additional US$1 billion into Vietnam each year in the coming time, the group’s Chief Financial Officer (CFO) Park Hark Kyu said at a meeting with Vietnamese Prime Minister Pham Minh Chinh in Hanoi on Thursday.

At the meeting, PM Chinh shared appreciation for Samsung’s efforts and determination in developing its operations in Vietnam, as well as the group’s business results over the past several years.   

He expressed his support for the group’s plan to continue operating in Vietnam. 

Park told PM Chinh that Samsung plans to make additional investments of around $1 billion into Vietnam annually in years to come. 

Samsung has so far invested a total of $22.4 billion in the Southeast Asian nation, the Vietnam News Agency cited Park as saying. 

In addition to research, development, manufacturing, and export of electronic and hi-tech products, Samsung has invested in supporting industries and human resource training for Vietnamese enterprises.

The group has also been assisting local businesses in joining its production and supply chains, he said.

The number of Vietnamese businesses that have joined Samsung’s supply chain has increased more than 12 times over the past ten years, from 25 in 2014 to 309 currently, Park said, adding that the figure is expected to keep rising in the coming time.

Park also expressed his hope and belief that Vietnam will continue to improve its business environment. 

PM Chinh assured his guest that Vietnam attaches importance to improving the investment environment, reforming administrative procedures, and speeding up the breakthroughs in institution and policy improvement, infrastructure development, and high-quality human resource training.

He pledged to facilitate the long-term operations of foreign enterprises in Vietnam in general and the projects of Samsung in Vietnam in particular in the spirit of harmonizing interests and sharing risks.

The Vietnamese leader called for further assistance from Samsung in enhancing the capabilities of local enterprises in order to help them better engage in the group’s supply chain.  

He suggested that Samsung continue considering Vietnam as a strategic base for the group to manufacture and export key products to global markets. 

Samsung is currently the largest foreign direct investor in Vietnam, with several large projects in Bac Ninh and Thai Nguyen Provinces, as well as in Ho Chi Minh City, according to the Vietnam Government Portal.

The group’s mobile phone production operation in Vietnam accounts for over 50 percent of its global output.

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Vinh Tho / Tuoi Tre News


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