PM suggests Samsung see Vietnam as strategic manufacturing, export base

The government leader applauded Samsung’s efforts and determination while doing business in Vietnam.

PM Pham Minh Chinh (R) receives CFO of Samsung Electronics Park Hark-kyu in Hanoi on May 9. (Photo: VNA)

The host and guest noted with satisfaction that the Vietnam - RoK comprehensive strategic partnership is growing strongly, political trust between the two countries unceasingly enhanced, and cooperation in various areas flourishing, especially in politics, economy, culture, and people-to-people exchanges, which form an important foundation for Samsung to expand investment in Vietnam.

PM Chinh affirmed that the Vietnamese Government always attaches importance to improving the investment climate and pledges to create favourable conditions for long-term operations of foreign enterprises.

It will continue providing optimal conditions for the projects of Samsung to operate fruitfully and develop sustainably in Vietnam in the spirit of harmonising interests and sharing risks, he stated.

For his part, Park noted Samsung has invested 22.4 billion USD in Vietnam so far and plans to add about 1 billion USD to its investment in the Southeast Asian country annually.

Aside from research, development, manufacturing, and export of electronic and high-technology products, the group has also been investing in supporting industries and manpower training for Vietnamese companies, and helping local firms to engage in its production and supply chain, he said.

Samsung hopes to continue developing to contribute to Vietnam’s foreign trade and economic growth, the CFO added.

Appreciating Samsung’s building of an R&D centre and participation in manpower training in Vietnam, PM Chinh asked the group to coordinate closely to effectively run the training centres based at the National Innovation Centre (NIC), step up cooperation to turn digital technology enterprises of Vietnam into partners in its ecosystem, increase investment in and expand the R&D centre, and boost assistance for startup, innovation, and manpower training in the country.

He also welcomed Samsung’s production and business plan, calling on it to continue helping Vietnam further improve domestic companies’ capacity so that they can join in Samsung’s supply chain more effectively.

Samsung should continue seeing Vietnam as a strategic base for manufacturing and exporting its key products to international markets, particularly when the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU - Vietnam Free Trade Agreement (EVFTA), and the Regional Comprehensive Economic Partnership (RCEP) already took effect, PM Chinh suggested.

Agreeing with his host, Park spoke highly of Vietnam’s investment and business climate as well as the PM’s readiness to listen to and assist enterprises, adding Samsung will continue standing side by side with the country on the development path.

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