Samsung lures other South Korean investors to Vietnam

June 15, 2019 | 18:48

(0) user say

While expanding operations in Vietnam, Samsung Vietnam will make an effort to call for investment from other South Korean enterprises in this country.

samsung lures other south korean investors to vietnam

Prime Minister Nguyen Xuan Phuc and Samsung Vietnam general director Choi Joo Ho met to discuss Samsung's future plans in Vietnam

On June 14, the Prime Minister Nguyen Xuan Phuc had a meeting with Choi Joo Ho, general director of Samsung Vietnam.

At the meeting, Choi Joo Ho reported that in the first five months, Samsung acquired $28.5 billion in revenue with the export turnover of $24 billion. These figures are expected to increase to $73.5 billion in revenue and $63.5 billion or 5 per cent increase in export turnover.

Besides, Samsung is implementing the plan to build its R&D centre according to the proposal of the prime minister. At present, the group has accelerated completing the procedures for the construction. Once the centre comes into operation, it will be the largest R&D centre in Southeast Asia and generate employment for 3,000 workers.

The PM has assigned the Hanoi People’s Committee to support Samsung as much as possible.

“The increase of 5 per cent in the export turnover of Samsung contributed to Vietnam’s economic growth. Vietnam expects that Samsung will stick with Vietnam because Samsung’s success is Vietnam’s success,” said PM Phuc.

The PM expected that the group will not only expand its operations in the electronic sector but also support the government to develop e-government, where Samsung has massive experience.

Besides, the PM proposed the group to train human resources and transfer technology to Vietnamese vendors, especially small- and medium-sized ones. Furthermore, the group will call for other investors from South Korea to come and invest in Vietnam.

According to Hoo, Samsung Vietnam has lured an investor to develop a semiconductor manufacturing factory in Vietnam with the total investment capital of $500 million.

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional