Samsung cements status as premier foreign investor in Vietnam

November 01, 2023 | 17:19
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In a meeting with Vietnamese Prime Minister Pham Minh Chinh on October 31, Park Hark Kyu, president and CFO of Samsung Group, highlighted Vietnam as an essential global economic player, expressing the company's intention to maintain its position as the largest foreign-invested enterprise (FIE) in Vietnam for some time.
Samsung cements status as premier foreign investor in Vietnam

According to Park, the favourable business environment and support from the government have been pivotal in overcoming various challenges, solidifying the nation's status as a crucial global hub for Samsung.

"We aim to retain our status as the top FIE in Vietnam for the next two to three decades," he stated.

In the first nine months of the year, Samsung's revenues surpassed $48 billion, with exports contributing $42 billion, bolstering Vietnam's trade figures significantly.

PM Chinh lauded Samsung’s Vietnamese projects for their rapid pace of disbursement, boost to exports, development of auxiliary industries, job creation, and substantial contributions to the economy.

He also urged Samsung to expand investments in its areas of strength, such as high-tech electronics, thereby improving the training and experience of high-quality human resources here.

"We hope Samsung persists in seeing Vietnam as a pivotal manufacturing site, and as a centre for research and development, and continues to produce its principal products for the international market here," Chinh said.

In response, Park asserted Samsung's commitment to progressing alongside Vietnam, confident in the nation's economic ascent amid the recent global growth deceleration.

Samsung has invested approximately $18 billion in Vietnam and plans to increase this to $20 billion.

Last year, the Samsung Research and Development Centre in Hanoi began operating, devising solutions for human resource training and enabling more Vietnamese professionals to join the company's leadership.

Currently, over 2,000 engineers work at the centre, contributing to industry development, enhancing localisation rates, and bolstering the manufacturing supply chain.

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