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Vietnam needs Samsung’s help to advance semiconductor industry

The Saigon Times

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HCMC – The Ministry of Planning and Investment has called on South Korean tech giant Samsung to support Vietnam to improve the capabilities of domestic businesses, especially those in the semiconductor industry.

Speaking at a recent meeting with Choi Joo Ho, general director of Samsung Vietnam, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc emphasized Samsung’s vital role in the nation’s economic and social development.

Samsung’s projects in Vietnam have made significant contributions to the country’s growth, particularly through social initiatives and support for local businesses in the supply chain, according to Ngoc.

She urged the South Korean tech giant to further support Vietnamese companies, focusing on enhancing domestic capabilities for effective participation in Samsung’s supply chain. The proposal includes collaborative efforts to establish impactful training centers at the National Innovation Center (NIC).

Ho highlighted the company’s confidence in Vietnam’s business environment.

“Samsung will continue to expand its investment in Vietnam,” said Ho. Over the past year, the firm has invested US$1.2 billion in the country, with a focus on training skilled professionals and partnering with the NIC to build a future of smart factories in the country.

Samsung has invested heavily in Vietnam since 2008, operating six factories, one sales entity, and a research and development center. By the end of 2023, its total investment in the country had exceeded US$20 billion.

More than half of Samsung’s global phone sales are now labeled as “Made in Vietnam,” solidifying the nation’s position as a key global hub for mobile phone production. Samsung contributes around 20% to Vietnam’s export revenue and provides employment for nearly 300,000 direct and indirect workers.

Samsung’s presence in Vietnam has had a transformative impact on provinces like Bac Ninh and Thai Nguyen, which are traditionally dependent on agriculture. These localities have evolved into primary hubs for information technology device manufacturing, achieving significant increases in overall production within Vietnam.

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