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Thursday, June 13, 2024

Samsung wants to stay on as biggest FDI firm in Vietnam

The Saigon Times

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HCMC – South Korean conglomerate Samsung has said it plans to maintain its position as Vietnam’s largest foreign direct investor for the next two to three decades.

The chief finance officer of Samsung Electronics, Park Hark Kyu, discussed the idea at his meeting with Prime Minister Pham Minh Chinh on October 31, emphasizing Vietnam’s global significance and Samsung’s commitment to Vietnam’s long-term growth.

In the first nine months of this year, Samsung Vietnam made more than US$48 billion in revenue and US$42 billion in export sales, reinforcing its role in global supply chains and boosting Vietnam’s export revenue.

PM Chinh commended Samsung for the swift disbursement of capital for its projects in Vietnam, stimulating exports, developing support industries, and creating employment for Vietnamese, all of which are essential for Vietnam’s economic advancement.

Vietnam’s Government has reiterated its commitment to improving the investment environment, streamlining investment procedures, and making conditions favorable for foreign investors, including long-term partners like Samsung. These efforts aim to align with international standards and encourage sustainable investment in Vietnam.

The prime minister urged Samsung to expand its investments in the high-tech and electronics sectors, and continue viewing the country as a strategic hub for manufacturing, research and development.

Park Hark Kyu said that the company remains committed to Vietnam’s economic development, expressing optimism about the country’s growth prospects. With existing investments of US$18 billion and plans to increase this figure to US$20 billion, Samsung is poised to play a significant role in Vietnam’s industrial progress.

Samsung’s Research and Development Center in Hanoi, which was opened last year, is a testament to the company’s focus on Vietnam and its dedication to developing local talent. With over 2,000 engineers at the center, Samsung is helping to drive domestic industrial development, localize production, and strengthen supply chains.

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