Samsung plans to invest an additional $1 billion each year in Vietnam

Mr. Park Hark Kyu, General Director in charge of finance of Samsung Group, said that Samsung plans to invest an additional 1 billion USD each year in the coming time in Vietnam, continue to increase the number of Vietnamese enterprises participating in the supply chain and promote cooperation in human resource training...

On the afternoon of May 9, Prime Minister Pham Minh Chinh received Mr. Park Hark Kyu, General Director in charge of finance of Samsung Group, who is visiting and working in Vietnam.

Prime Minister Pham Minh Chinh received Mr. Park Hark Kyu, General Director in charge of finance of Samsung Group, who is visiting and working in Vietnam - Photo: VGP/Nhat Bac

Prime Minister Pham Minh Chinh highly appreciated the efforts, determination and business results of Samsung Group in Vietnam, which have made positive contributions to import-export turnover and socio-economic development; welcomed and supported the Group's plan to implement production and business activities in Vietnam in the coming time, on the basis of the comprehensive strategic partnership between Vietnam and Korea which is developing strongly. The Vietnamese Government will continue to accompany and create favorable conditions for the Group's projects to operate effectively and develop sustainably.

The Prime Minister affirmed that the Vietnamese Government always pays attention to and attaches importance to improving the investment environment, reforming administrative procedures, promoting three strategic breakthroughs in building and perfecting institutions, mechanisms, policies, developing infrastructure, training high-quality human resources; continuing to negotiate free trade agreements, expanding new export markets, etc., thereby creating favorable conditions, reducing compliance costs, and logistics costs for foreign enterprises to operate long-term, effective, and sustainable production and business in Vietnam.

The Prime Minister hopes that Samsung will continue to support Vietnam in improving its business capacity so that it can participate more effectively in the Group's supply chain - Photo: VGP/Nhat Bac

Emphasizing the viewpoints of "harmonized benefits, shared risks", "3 together" (listening, understanding together; sharing vision and action together; doing together, enjoying together, winning together and developing together), "promised must be done, committed must be implemented", the Prime Minister said that Vietnam's competent authorities are always ready to dialogue, listen to opinions, resolve proposals and recommendations of enterprises within their authority and report and propose to competent authorities on issues and contents beyond their authority.

In the coming time, the Prime Minister hopes that Samsung will continue to support Vietnam in further improving the capacity of domestic enterprises so that they can participate more effectively in the Group's supply chain; promote cooperation to turn Vietnamese digital technology enterprises into partners in Samsung's ecosystem; closely coordinate with the Ministry of Planning and Investment to substantially and effectively deploy training centers located at the National Innovation Center established on the basis of cooperation agreements between the two sides; increase investment and expand R&D centers, support start-up and innovation activities in Vietnam; continue to expand operations, consider Vietnam as a strategic production base, research - development and production of key products for the international market, especially in the context of the CPTPP, EVFTA and RCEP agreements taking effect.

For his part, General Director Park Hark Kyu reported on the Group's production and business situation and learned and discussed the investment environment in Vietnam.

From 25 enterprises in 2014, up to now, the number of Vietnamese enterprises at level 1 and level 2 participating in Samsung's supply chain has increased 12 times, to 309 enterprises.

General Director Park Hark Kyu said that Samsung plans to invest an additional 1 billion USD each year in Vietnam in the coming time - Photo: VGP/Nhat Bac

He appreciated the Prime Minister's message of "harmonious benefits and shared risks", as well as the active and effective support from Vietnam, which has helped Samsung overcome difficulties and challenges in recent times.

Wishing and believing that Vietnam will continuously improve its business environment, he said Samsung plans to invest an additional 1 billion USD each year in Vietnam in the coming time, continue to increase the number of Vietnamese enterprises participating in the supply chain and promote cooperation in human resource training...

In the coming time, continuing to promote the good cooperation results based on high trust over the past years, Samsung commits to always accompany Vietnam, making every effort to contribute to the economic and social development of Vietnam.

Samsung is currently the largest foreign direct investor in Vietnam with major projects in Bac Ninh, Thai Nguyen and Ho Chi Minh City, with a total investment capital of up to 22.4 billion USD.

In 2023, Samsung's revenue and exports will reach $65 billion and $55.7 billion, respectively. Samsung's exports are expected to grow more than 10% in 2024 compared to 2023.

Samsung's mobile phone production output in Vietnam accounts for over 50% of Samsung's global output.

Source: https://phunuvietnam.vn/samsung-du-kien-dau-tu-them-1-ty-usd-moi-nam-tai-viet-nam-20240509203940007.htm