Samsung plans to invest additional US$3.3 billion in Viet Nam

Samsung plans to invest additional US$3.3 billion in Viet Nam

VGP – Prime Minister Pham Minh Chinh has asked Samsung Electronics of the Republic of Korea to expand its operations in Viet Nam during a reception for the group’s CEO Roh Tae-Moon in Ha Noi on August 5.

He suggested that Samsung continue to play a leading role in supporting personnel training and capacity building for Vietnamese enterprises so that more of them will be able to join Samsung’s supply chain and development ecosystem.

The Government leader highlighted the outstanding development of the strategic cooperative partnership between Viet Nam and the RoK in all fields. He noted that the RoK is now the third largest trade partner of Viet Nam, with bilateral trade value reaching US$78 billion in 2021, accounting for 11.6 percent of Viet Nam’s total foreign trade.

The RoK is the largest foreign investor in Viet Nam with 9,383 valid investment projects worth nearly US$80 billion, he said, describing Samsung’s investment in Viet Nam as a bright example.

“The Vietnamese Government commits to creating the best possible conditions for foreign investors in general and Samsung in particular,” Pham said, pledging to seriously consider and actively handle Samsung’s proposals, including the training of human resources to meet the requirements of enterprises and investors.

He also called on Samsung to continue giving feedback on Viet Nam’s policies, institutions and mechanisms, and act as a bridge to bring more investors from the RoK and over the world to Viet Nam, thus diversifying supply chains.

The Samsung executive appreciated Viet Nam’s efforts and measures to put the pandemic under control and restore socio-economic development.

He thanked the Government and agencies of Viet Nam for their support which he said helped Samsung overcome pandemic-caused difficulties and created a favourable environment for the group’s operations amidst a changing world.

He informed PM Pham that Samsung Viet Nam earned US$34.3 billion from exports in the first six months of 2022, up 18 percent from the same period last year, adding that the company aims for US$69 billion in export turnover this year and plans to invest an additional US$3.3 billion in Viet Nam.

According to Roh, Samsung Electronics is preparing for the trial production of Flip-chip Ball Grid Array in Viet Nam and commercial production is slated to begin in July next year at its factory in Thai Nguyen province, northern Viet Nam.

The group also plans to launch a R&D centre in Ha Noi in late 2022 or early 2023, which will serve not only Viet Nam but also the entire Southeast Asian region.

The Samsung CEO added that the group will help improve competitive capacity for 50 Vietnamese suppliers, and promote cooperation with Vietnamese universities and research establishments.