Vietnam emerges as Samsung's key global hub

Samsung has identified Vietnam as an important global hub, amining to maintain its position as the largest source of foreign direct investment (FDI) for Vietnam in the next 20-30 years, said Park Hark Kyu, President and Head of Corporate Management Officer (CFO) of Samsung Electronics Co. at a meeting with Prime Minister Pham Minh Chinh on October 31.

Park Hark Kyu, President and Head of Corporate Management Officer (CFO) of Samsung Electronics Co. and Prime Minister Pham Minh Chinh (R). Photo: VGP

Park Hark Kyu, President and Head of Corporate Management Officer (CFO) of Samsung Electronics Co, praised the favorable business environment and support from Vietnam, which helped the company overcome difficulties. "Samsung aims to maintain its position as the largest FDI investor in Vietnam for the next 20-30 years," he stressed.

In the first nine months of this year, Samsung recorded revenues of over US$48 billion and exports of US$42 billion, making a significant contribution to Vietnam's trade volume.

Prime Minister Pham Minh Chinh praised Samsung's projects in Vietnam for their rapid progress, promotion of exports, development of supporting industries and creation of jobs, all of which contribute to Vietnam's economic development. These include the operation of Samsung's R&D center in Hanoi and cooperation with the National Innovation Center under the Ministry of Planning and Investment.

The Prime Minister emphasized Vietnam's commitment to improving the investment environment, strengthening institutional frameworks and mechanisms, and fostering favorable conditions for foreign enterprises, including Samsung's long-term and sustainable operations in Vietnam.

He urged Samsung to continue to expand its investments in areas of strength such as high technology and electronics, thus contributing to the development of a high-quality workforce in Vietnam.

Samsung is committed to Vietnam and believes that even in the context of the global economic slowdown, Vietnam's economy will reach new heights, Samsung's CFO said.

Samsung has invested $18 billion in Vietnam and plans to increase this amount to $20 billion. Last year, Samsung's R&D Center in Hanoi started operations, providing training solutions to develop more Vietnamese leaders for the company in Vietnam. Currently, more than 2,000 engineers are working at this center, contributing to the development of the industry, increasing the localization rate and strengthening production supply chains.