Samsung Eyes Long-Term Commitment With $1 Billion Yearly Investment In Vietnam | Vietcetera
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May 10, 2024

Samsung Eyes Long-Term Commitment With $1 Billion Yearly Investment In Vietnam

Samsung pledges to annually increase its investment by $1 billion in Vietnam, highlighting its commitment to the country’s economic growth and collaboration with PM Pham Minh Chinh’s administration.
Samsung Eyes Long-Term Commitment With $1 Billion Yearly Investment In Vietnam

Samsung Electronics Vietnam Thai Nguyen | Source: Samsung

Samsung is gearing up to increase its investment in Vietnam, with plans to inject around $1 billion into the country annually. Park Hark-kyu, the Chief Financial Officer of Samsung Electronics, shared this news during a meeting with Prime Minister Pham Minh Chinh in Hanoi on Thursday.

Prime Minister Chinh commended Samsung for its dedication and commitment to doing business in Vietnam, urging the company to see Vietnam as a vital hub for manufacturing and exports. He assured Samsung of the government’s ongoing efforts to enhance the investment environment, promising to create favorable conditions for foreign businesses to operate sustainably in the long term.

The CFO highlighted Samsung’s substantial investment of $22.4 billion in Vietnam thus far, with plans to consistently add $1 billion each year. In addition to its core activities like research, development, manufacturing, and export of electronic and high-tech products, Samsung has also been actively investing in supporting industries and providing training for Vietnamese companies. This includes assistance to local firms to integrate into its production and supply chain.

Samsung’s Chief Financial Officer (CFO) Park Hark-kyu (L) with Vietnam’s PM Pham Minh Chinh in Hanoi. | Source: Vietnam Government Portal

Samsung aims to further its contributions to Vietnam’s foreign trade and economic development, according to the CFO. He praised Vietnam’s favorable investment climate and the Prime Minister’s willingness to support and engage with enterprises, reaffirming Samsung’s commitment to the country’s development journey.

Prime Minister Chinh expressed appreciation for Samsung’s establishment of a Research and Development (R&D) center and its involvement in manpower training in Vietnam. He encouraged closer collaboration to effectively operate training centers at the National Innovation Centre (NIC) and to facilitate cooperation with Vietnamese digital technology enterprises.

Additionally, he called for increased investment in expanding the R&D center and providing support for startups, innovation, and workforce development in Vietnam.

The Vietnamese prime minister also encouraged Samsung to continue viewing Vietnam as a strategic manufacturing and export base, especially with the implementation of key trade agreements like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA), and the Regional Comprehensive Economic Partnership (RCEP).