Samsung to invest additional $1 billion per year in Vietnam

The group aims to invest an additional $1 billion per year in the country. The information was shared by Choi Joo Ho, general director of Samsung Vietnam, at a meeting with Deputy Prime Minister Tran Luu Quang on March 4.

According to Ho, 2023 was a difficult year as the global economic situation faced many difficulties and the global mobile phone market was shrinking. Despite the challenging context, Samsung Vietnam achieved an export turnover of $55.7 billion.

Samsung R&D Centre is now home to 2,400 engineers. Among them, Vietnamese engineers play the crucial role in researching AI features in the new Galaxy S24 phone series, which Samsung highly values for their capabilities, he said.

He also expressed his gratitude and hoped that the Vietnamese government would continue to improve the investment environment while create better conditions for Samsung's investment activities in Vietnam.

At the meeting, DPM Quang proposed that Samsung continue to cooperate with the National Innovation Centre (NIC) and facilitate Vietnam's efforts to achieve the goal of training 50,000 semiconductor industry engineers by 2030.

Last year, Samsung Vietnam and the NIC signed an MoU to cooperate in implementing high-tech development activities for Vietnam's young generation.

In addition, Samsung and the National University of Hanoi also signed a cooperation agreement to train around 40 outstanding students of the university to become future leaders in the semiconductor field within four years.

Ho said that Samsung would continue to explore possibilities to expand cooperation with the NIC and support Vietnam in training human resources in the semiconductor industry. He emphasised that Vietnam's development was Samsung's development, and Samsung's development would contribute to the socioeconomic development of Vietnam.

Vietnam to train up to 50,000 semiconductor engineers At the monthly government meeting on August 5, Prime Minister Pham Minh Chinh tasked the Ministry of Planning and Investment (MPI), the Ministry of Information and Communications, the Ministry of Education and Training, and the Ministry of Science and Technology to develop a plan to train between 30,000 and 50,000 engineers and 100 experts in digital transformation and manufacturing semiconductors.

Vietnam goes long on semiconductors The semiconductor industry in Vietnam is gaining momentum with many global heavyweights investing, yet there are many challenges, particularly to a shortage of skilled human resources.

Samsung cements status as premier foreign investor in Vietnam 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.