Samsung Vietnam reports $74.2 billion in revenues in 2021

Samsung Vietnam reports $74.2 billion in revenues in 2021

According to its business statement, between April and June, Samsung and its vendors faced difficulties in maintaining operation due to the pandemic; however, the company cooperated with the provincial people’s committee in Bac Gian and Vinh Phuc to cope with all issues as best as possible.

Mobile phones produced in Vietnam account for 50 per cent of Samsung’s products on the globe, which are exported to 128 countries and territories across the world.

Choi Joo Ho, general director of Samsung Vietnam, said that the group invested hundreds of millions of dollars into facilities in Vietnam to maintain stable operation and increase the capacity and products’ quality. By the end of 2021, Samsung Vietnam invested $18 billion in facilities.

“The country is planned to be a key production hub and a strategic centre for research and development (R&D) of Samsung”, he said.

The group currently operates six production facilities, one R&D centre, and a legal entity for sales. Besides this, the group is developing another R&D centre with a total investment capital of $220 million. The centre, which is expected to be inaugurated by the end of this year, will focus on studying new technology trends such as AI, big data, and IoT.

In a recent meeting between the general director Choi Joo Ho and Prime Minister Pham Minh Chinh, the prime minister said that Samsung is considered a model for foreign investment in Vietnam. The government is ready to support and create favourable conditions for the group to create a closed production chain within the electronics sector. Vietnam is also willing to support Samsung to look for a destination for its planned battery production plant project.