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Samsung plans annual investment of US$1 billion into Vietnam

The Saigon Times

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HCMC – Samsung plans to bolster its investment in Vietnam by an additional US$1 billion annually, CFO of Samsung Electronics Park Hark-kyu said at a meeting with Prime Minister Pham Minh Chinh in Hanoi yesterday, May 9.

During the meeting, PM Chinh praised Samsung’s commitment and ongoing efforts in the country. He expressed his hope that Samsung will continue to use Vietnam as a strategic hub for research, development, and manufacturing, producing key products for global markets.

Responding to this, Park Hark-kyu expressed his appreciation for the Prime Minister’s mantra of “harmonious interests, shared risks” and the supportive business environment in Vietnam, which he noted had helped Samsung navigate past challenges.

Saying that Samsung has invested US$22.4 billion in Vietnam so far, he reaffirmed Samsung’s commitment to increase its investment in Vietnam by about US$1 billion each year.

Park mentioned Samsung’s future plans in Vietnam, which include supporting local industries and enhancing human resource development to integrate more Vietnamese companies into Samsung’s production and supply chains.

Samsung is currently the largest foreign direct investor in Vietnam with major projects in Bac Ninh, Thai Nguyen, and HCMC. The mobile phone production output of Samsung in Vietnam accounted for over 50% of the company’s global production.

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