Investment
Samsung contributes significant investment in Vietnam
Foreign-invested enterprises, including Samsung Complex Vietnam (Samsung Vietnam) of the Republic of Korea (RoK), are an important component of Vietnam’s economy, Prime Minister Nguyen Xuan Phuc told Han Myoung-Sup, General Director of Samsung Vietnam at a meeting in Hanoi on May 16.
Applauding Samsung’s investment expansion in the country, the leader suggested the group support Vietnam in training and technology transfer, thus enabling local support industry firms, especially small and medium-sized ones, to enhance links and join the supply of materials and components, tourism service and other services for Samsung.
He asked the group to accelerate the implementation of the Samsung Research and Development (R&D) centre in line with pledged progress so to help promote R&D activities in electricity and electronics in Vietnam.
Vietnam will continue supporting Samsung’s investment expansion in the country, thus maintaining and boosting the export of Samsung’s products manufactured in Vietnam, Phuc affirmed, calling the group to make more efforts for its future stable and constant development to contribute to Vietnam’s economic development.
For his part, Han Myoung-Sup briefed the host on Samsung’s operation in Vietnam in recent time, saying that the firm’s export and revenue recovered in the first months of this year after the Galaxy Note 7 incident with its export expected to hit 11 billion USD in the second quarter.
Samsung Display Vietnam (SDV), a subsidiary of Samsung Vietnam, which has a total investment of 6.5 billion USD, is striving to expand its investment, he said. Samsung Vietnam has set to rake in 60 billion USD in revenue and 50 billion USD in export turnover in 2017, he noted.
According to the general director, as many as 107,000 Vietnamese are working at factories of Samsung Vietnam. The group plans to recruit more local workers to serve its future production expansion scheme. He said he hopes that the Vietnamese Government, ministries and sectors will create favourable conditions for Samsung Vietnam in general and SDV in particular to effectively operate in the country.
