Samsung plans $1 billion annual investment boost in Vietnam

Samsung is set to significantly increase its investment in Vietnam, pledging to inject roughly $1 billion annually into the country. This news was revealed by Park Hark-kyu, Chief Financial Officer (CFO) of Samsung Electronics, during a meeting with Vietnamese Prime Minister Pham Minh Chinh in Hanoi on Thursday.

Prime Minister Chinh applauded Samsung's dedication to Vietnam, urging them to view the country as a strategic hub for manufacturing and exports. He reassured Samsung of the government's commitment to improving the investment climate, promising long-term favorable conditions for foreign businesses.

CFO Park highlighted Samsung's existing substantial investment of $22.4 billion in Vietnam, emphasizing their plan to consistently add $1 billion annually. Beyond its core activities of research, development, manufacturing, and export of electronics and high-tech products, Samsung has also been actively supporting local industries. This includes providing training for Vietnamese companies and assisting them in integrating into Samsung's production and supply chain.

According to the CFO, Samsung aims to further contribute to Vietnam's foreign trade and economic growth. He commended the country's investment climate and the Prime Minister's support for businesses. Reaffirming Samsung's commitment to Vietnam's development, Park expressed his confidence in the country's future.

Prime Minister Chinh expressed appreciation for Samsung's establishment of a Research and Development (R&D) center and its involvement in workforce training programs. He encouraged closer collaboration, particularly in effectively operating training centers at the National Innovation Centre (NIC) and facilitating partnerships with Vietnamese digital technology companies.

Chinh additionally called for increased investment in expanding the R&D center, supporting startups, innovation, and workforce development initiatives within Vietnam. The Prime Minister emphasized the importance of Vietnam remaining a strategic manufacturing and export base for Samsung, especially with the implementation of key trade agreements like the CPTPP, EVFTA, and RCEP.