Samsung plans to add $1B to Vietnam investment annually

PM Chinh applauded Samsung’s efforts and determination while doing business in Vietnam, calling on the firm to view Vietnam as a strategic manufacturing and export base.

He affirmed that the Vietnamese government always attaches importance to improving the investment climate and pledges to create favourable conditions for long-term operations of foreign enterprises.

It will continue providing optimal conditions for the projects of Samsung to operate fruitfully and develop sustainably in Vietnam in the spirit of harmonising interests and sharing risks, he said.

Chief Financial Officer (CFO) of Samsung Electronics Park Hark-kyu (L) meets with Vietnam's PM Pham Minh Chinh in Hanoi, May 9, 2024. Photo by Vietnam Government Portal

Park noted Samsung has invested $22.4 billion in Vietnam so far and plans to add about $1 billion to its investment in the Southeast Asian country annually.

Aside from research, development, manufacturing, and export of electronic and high-technology products, the group has also been investing in supporting industries and manpower training for Vietnamese companies, and helping local firms to engage in its production and supply chain, he said.

Samsung hopes to continue developing to contribute to Vietnam’s foreign trade and economic growth, the CFO added.

He spoke highly of Vietnam’s investment and business climate as well as the PM’s readiness to listen to and assist enterprises, adding Samsung will continue standing side by side with the country on the development path.

Appreciating Samsung’s building of an R&D center and participation in manpower training in Vietnam, Chinh asked the group to coordinate closely to effectively run the training centers based at the National Innovation Centre (NIC), step up cooperation to turn digital technology enterprises of Vietnam into partners in its ecosystem, increase investment in and expand the R&D center, and boost assistance for startup, innovation, and manpower training in the country.

He also welcomed Samsung’s production and business plan, calling on it to continue helping Vietnam further improve domestic companies’ capacity so that they can join in Samsung’s supply chain more effectively.

Samsung should continue seeing Vietnam as a strategic base for manufacturing and exporting its key products to international markets, particularly when the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU - Vietnam Free Trade Agreement (EVFTA), and the Regional Comprehensive Economic Partnership (RCEP) already took effect, Chinh suggested.