Investment
Samsung to build Southeast Asia’s largest R&D center in Hanoi
Vietnam’s Prime Minister Nguyen Xuan Phuc stressed the importance of having Samsung’s R&D center at world scale in Vietnam, indicating the South Korean conglomerate’s commitment to long-term business in the country.
Samsung Vietnam is under the process of building its R&D center in Hanoi, which, once completed, would employ 3,000 people and become the largest of its kind in Southeast Asia, according to Choi Joo Ho, CEO of Samsung Vietnam.
Currently, Samsung’s temporary R&D center in Vietnam is focusing on training human resources for software development, 5G network, artificial intelligence, and big data, among others, Choi said in a meeting with Prime Minister Nguyen Xuan Phuc on June 14.
Choi expected PM Phuc to provide support to Samsung Vietnam in building the new R&D center in Vietnam.
In January-May 2019, Samsung Vietnam posted revenue at US$28.5 billion, of which US$24 billion came from exports, and the company is on track to reach revenue of US$73.5 billion and exports of US$63.5 billion in 2019, up 5% year-on-year, Choi informed.
Choi also revealed Samsung has requested a major South Korean corporation in field of semiconductor production to invest US$500 million in Bac Giang province.
At the meeting, Phuc stressed the importance of having Samsung’s R&D center at world scale in Vietnam, indicating the South Korean conglomerate’s commitment to long-term business in the country.
Phuc highly regarded strong cooperation between Hanoi and Samsung in building the center and requested the capital’s authority to continue supporting Samsung in this project.
Additionally, Phuc said a 5% increase in Samsung’s exports would have a big impact on Vietnam’s economic growth. The PM said Samsung’s success would translate into Vietnam’s success and requested the company to expand its investment in Vietnam from the current US$17.4 billion.
In the coming time, the government would keep supporting Samsung’s strategic investments in the country, not only in assembling electronic products but also helping Vietnam’s technological sector through the research and manufacturing next-generation tech products, Phuc added.
Meanwhile, Phuc noted Samsung should pay attention in training and transferring technologies to local companies in supporting industries, especially small and medium ones to have chances of joining the group’s supply chain.
Phuc also requested Samsung to aid Vietnam in implementing e-government.
Prime Minister Nguyen Xuan Phuc (r) and Choi Joo Ho, CEO of Samsung Vietnam (l). Source: VGP.
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Choi expected PM Phuc to provide support to Samsung Vietnam in building the new R&D center in Vietnam.
In January-May 2019, Samsung Vietnam posted revenue at US$28.5 billion, of which US$24 billion came from exports, and the company is on track to reach revenue of US$73.5 billion and exports of US$63.5 billion in 2019, up 5% year-on-year, Choi informed.
Choi also revealed Samsung has requested a major South Korean corporation in field of semiconductor production to invest US$500 million in Bac Giang province.
At the meeting, Phuc stressed the importance of having Samsung’s R&D center at world scale in Vietnam, indicating the South Korean conglomerate’s commitment to long-term business in the country.
Phuc highly regarded strong cooperation between Hanoi and Samsung in building the center and requested the capital’s authority to continue supporting Samsung in this project.
Additionally, Phuc said a 5% increase in Samsung’s exports would have a big impact on Vietnam’s economic growth. The PM said Samsung’s success would translate into Vietnam’s success and requested the company to expand its investment in Vietnam from the current US$17.4 billion.
In the coming time, the government would keep supporting Samsung’s strategic investments in the country, not only in assembling electronic products but also helping Vietnam’s technological sector through the research and manufacturing next-generation tech products, Phuc added.
Meanwhile, Phuc noted Samsung should pay attention in training and transferring technologies to local companies in supporting industries, especially small and medium ones to have chances of joining the group’s supply chain.
Phuc also requested Samsung to aid Vietnam in implementing e-government.
