Jan 14, 2021 / 20:52

Samsung Vietnam to recover its growth target after pandemic

The Hanoitimes - The Hanoi’s Mayor wants Samsung to support the city building smart city, smart transportation and digital transformation.

Despite the severe Covid-19 impact, Samsung Vietnam targets a growth rate of 7-10% in 2021, around the same level in 2019.

 Delegates at the meeting. 

General Director of Samsung Vietnam Choi Joo Ho gave the statement in a meeting with Chairman of the Hanoi People’s Committee Chu Ngoc Anh today [January 14].

Regarding the construction progress of Samsung’s R&D center in Hanoi, Mr. Choi said works on the project commenced on March 1, 2020. About 23% of the work volume has been so far completed.

“The R&D center is set to complete by late 2022,” said Mr. Choi, adding the center will employ 3,000 tech engineers that focus on software development and the research on artificial intelligence (AI), 5G network, and Big Data.

Mr. Choi said Samsung Vietnam is committed to fully complying with local regulations on construction and labor safety, while seeking support from local authorities in providing stable electricity sources for the project – a key factor to ensure efficient operation of the R&D center.

Hanoi’s Mayor Anh lauded the contribution of Samsung for Vietnam in general, and for Hanoi in particular, in turn helping Samsung to become a major investor of the city.

According to Mr. Anh, Hanoi has officially become a member of UNESCO’s Network of Creative Cities in the Design category. “In the coming time, science, technology and innovation will be key solutions for Hanoi’s development,” he noted.

“Hanoi will continue to create favorable for Samsung and South Korean companies to invest in tech projects in Hanoi, including the current R&D center,” stated Mr. Anh.

As Hanoi targets to stay on top nationally in terms of innovation, Mr. Anh requested Samsung to support the city in this regard, especially in the application of technologies for smart city, smart transportation and digital transformation.

Samsung’s US$220-million R&D center, the largest of its kind in Southeast Asia, covers an area of 11,600-meter squares with a 16-floor building in the west of Hanoi. The South Korean IT giant expects Vietnam will not only be its largest production hub, but also a strategic base for R&D. 

In the 2008-18 period, Samsung increased its total investment in Vietnam from $670 million to over $17.3 billion, a 26-fold increase.