PM urges Samsung to invest in semi-conductor manufacturing plant in Vietnam
With over 3,000 engineers, Samsung’s R&D center in Hanoi, scheduled for completion in late 2022, would be one of the company’s main R&D hubs globally.
Prime Minister Nguyen Xuan Phuc has urged Samsung to consider investing in a semi-conductor manufacturing plant in Vietnam, which is one of the core businesses of the South Korean conglomerate besides smart phones and household appliances.
Prime Minister Nguyen Xuan Phuc (R) and Samsung Vice Chairman Lee Jae-yong (L). Source: VGP. |
Such a decision would help complete Samsung’s production chain in the field of electronic production in the country, said Mr. Phuc in a meeting with Samsung’s Vice Chairman Lee Jae-yong on October 20.
According to Mr. Phuc, Samsung has effectively realized its commitment to Vietnam since the two’s previous meeting last November, especially in the construction of the conglomerate’s largest Southeast Asia R&D center in Hanoi.
Meanwhile, despite the Covid-19 pandemic, Samsung’s performance in Vietnam continues to be a success, Mr. Phuc noted.
As the localization rate of Samsung in Vietnam has been increasing, Mr. Phuc requested Samsung to continue supporting local enterprises further integrate in the South Korean giant's supply chain as well as in its R&D activities.
Overview of the meeting. Source: VGP. |
Given the fact that Samsung is considering a potential investment destination for a hi-tech project, the PM suggested Vietnam is willing to create the most favorable conditions for Samsung to carry out such a project.
Vietnam is committed to accompanying Samsung during its strategic investment and business activities in the country, as both are aiming for a win-win scenario. This is especially important as the Vietnam – South Korea relations are growing strongly, while Vietnam is participating in a number of free trade agreements, including the EVFTA and the CPTPP.
Samsung’s Vice Chairman Lee Jae Yong thanked the Vietnamese government for the support for Samsung over the years.
The closure of Samsung’s plants in Vietnam would disrupt Samsung’s production chains globally, Mr. Lee noted. Amid the Covid-19 pandemic, the Vietnamese authorities have allowed over 3,000 experts from Samsung to enter Vietnam, Mr. Lee added.
Mr. Lee said the R&D center in Hanoi would start operation in late 2022. With over 3,000 engineers working at the center, this would be one of Samsung’s main R&D hub globally.
Samsung's vice chairman said he would inspect Samsung’s activities in Ho Chi Minh City to explore the possibility of expanding the operation there.
Other News
- FDI in Vietnam on the rise in Q1
- Vietnam takes strong actions to attract semiconductor investment
- Vietnam's favorable factors hold promise for real estate growth
- US urged to recognize Vietnam as a market economy
- MICE tourism: Vietnam's lucrative “golden market” unveiled
- Vietnamese data center market to hit $1.26 billion by 2030
- Vietnam seeks IAEA assistance in training skilled workforce in nuclear energy industry
- Hanoi hosts National Quality Award 2024
- Foreign investors to develop $2 billion chip manufacturing project in Vietnam
- Vietnam receives US$51.5 million from World Bank for forest emission reduction
Trending
-
World Bank looks forward to stronger ties with Vietnam: country director
-
Vietnam news in brief - March 29
-
Hanoi kicks off communication contest on Dien Bien Phu victory
-
French education group Odyssey keen on strengthening cooperation with Hanoi
-
Hanoi, Shanghai strengthen investment cooperation
-
UOB Painting of the Year Award opens doors to the world for Vietnamese artists
-
Grapefruit blossom perfume Hanoi's air
-
MICE tourism: Vietnam's lucrative “golden market” unveiled
-
Vietnam: Sleep Tourism on the rise