Samsung prepares for investment in central Vietnam
Samsung is doing homework for investing in Danang, central Vietnam's business hub, as the technology giant wants manufacture presence in all three parts of the country.
The Korean group's facilities currently include six factories in Ho Chi Minh City in the south and the northern provinces of Bac Ninh and Thai Nguyen, one R&D center in Hanoi, and one sales subsidiary.
Samsung Vietnam's General Director Choi Joo Ho, during his talks with Danang leaders on Friday, said Samsung was looking for investment opportunities in the central economic hub.
Samsung Electronics and Viettel, Vietnam’s largest telecom operator, initiated 5G commercial trials in Danang last December. The two companies are testing Samsung’s advanced 5G solutions, including baseband units and the 64T64R Massive MIMO radio, to power Viettel’s commercial network. They aim to capitalize on the increasing number of mobile users in the country, where its 4G infrastructure has covered a majority of the population.
Choi said the partnership with Viettel, together with a Samsung Vietnam member’s initial investment in Danang’s hospitality at present, is paving the way for further investments in the time to come.
This preparation follows the additional $920 million injected into the Samsung Electro-Mechanics Vietnam (SEMV) project in Thai Nguyen in February, raising the factory's total investment to $2.27 billion. The facility mainly manufactures and assembles mainboards, flexible printed circuit boards (FBCB), components and spare parts such as camera modules, power adapters, touch sensor modules, and linear motors.
The heavyweight has channeled a total of over $19.2 billion into the Southeast Asia country, 28 times higher than its initial commitment. Samsung mobile phones made in Vietnam account for 50 per cent of the group’s global output.
It posted $74.2 billion in total global revenue in 2021, a 14% rise year-on-year. The group enjoyed double-digit growth in last year’s export value, which hit $65.5 billion, soaring 16%, according to its financial report. The main lines are mobile devices, home electronics, and semiconductor products.
Samsung Electronics said in February it relocated two smartphone production lines from Vietnam’s Thai Nguyen province to its Gumi plant in South Korea to better cope with disruptions caused by the COVID-19 pandemic.
The group expects its $220 million R&D center in Hanoi, its largest in Southeast Asia, to open by end-2022 as construction has so far been over 60% complete. The facility will employ 3,000 engineers, focusing on R&D products, including technological developments such as 5G networks, artificial intelligence, Internet of Things, and Big Data, said Choi.
In the tech-savvy country, Samsung recently opened five new premium stores in HCMC and Hanoi. They follow the group’s high standards for design and safety, offering visitors an opportunity to test the latest Samsung mobile products, such as the Galaxy Tab A8 mid-range table, foldable devices like the Galaxy Z Fold 3, and wearables like the Galaxy Buds 2 and Galaxy Watch 4 series.
- Read More
Brightening outlook for Vietnam steelmakers with real estate recovery, infrastructure development: analysts
While Q3 results among Vietnam’s steelmakers are a mixed bag of gradual recovery and continued losses, there are several factors pointing to a brighter outlook for the industry, analysts say.
Industries - Wed, October 30, 2024 | 8:00 am GMT+7
Former National Assembly General Secretary faces disciplinary action
The Party Central Committee’s Inspection Commission (CIC) has proposed competent authorities consider and take disciplinary action against Bui Van Cuong, who stepped down last week as the National Assembly’s General Secretary.
Politics - Tue, October 29, 2024 | 11:10 pm GMT+7
Indonesia aims to become Southeast Asia's EV production hub
Indonesia is actively seeking to boost investment in a bid to establish itself as a center for electric vehicle (EV) and battery production in Southeast Asia.
Southeast Asia - Tue, October 29, 2024 | 10:38 pm GMT+7
Singapore trials autonomous vehicles on public roads for cargo transportation
Singapore’s FairPrice Group (FPG) recently announced that it has become the first organization in the country to receive approval from the Land Transport Authority (LTA) for the final stages of trials to use autonomous vehicles (AVs) on public roads for cargo transportation.
Southeast Asia - Tue, October 29, 2024 | 10:37 pm GMT+7
Malaysia promotes green energy transition
The Malaysian Government has increased the National Energy Transition Facility Fund allocation to over RM300 million ($60.80 million) in the 2025 budget from only RM100 million this year.
Southeast Asia - Tue, October 29, 2024 | 10:35 pm GMT+7
Singapore spends $270 mln on AI infrastructure, human resources
Singapore’s National Research Foundation (NRF) will allocate $270 million to the National Supercomputing Centre (NSCC) in the next three years to train specialists and develop next-gen supercomputers in order to boost AI through supercomputing talent and infrastructure.
Southeast Asia - Tue, October 29, 2024 | 10:34 pm GMT+7
Vietnam gov’t removes curbs on retail investors in private bond offerings
The Vietnamese government has dropped initially drafted restrictions on retail investors of corporate bonds via private placements in a move to beef up the local stock market after recent financial scandals.
Finance - Tue, October 29, 2024 | 10:16 pm GMT+7
Germany’s PNE seeks Vietnam partners for $4.6 bln offshore wind power project
Germany-based wind energy developer PNE AG is seeking “sustainable partners” in Vietnam to deploy the $4.6 billion Hon Trau offshore wind power project in the central coastal province of Binh Dinh.
Energy - Tue, October 29, 2024 | 6:55 pm GMT+7
E-wallet turned financial assistant MoMo banks on ‘power of small things’: exec
MoMo e-wallet believes in the power of small things, Vietnamese ingenuity, technological advancement, and positive change, says Nguyen Manh Tuong, co-founder, vice chairman of the board, and CEO of MoMo.
Companies - Tue, October 29, 2024 | 6:29 pm GMT+7
Keppel subsidiary M1 buys 70% stake in Vietnamese IT firm ADG for $29 mln
M1 Limited (M1), a telecommunications firm under Singaporean conglomerate Keppel, will acquire a 70% stake in Vietnam-based information technology (IT) solutions provider ADG for SGD37.8 million ($28.5 million).
Companies - Tue, October 29, 2024 | 4:27 pm GMT+7
Vietnam’s Masan MEATLife posts $4.14 million in Q3 after-tax profit
Masan MEATLife (MML), a subsidiary of Vietnamese consumer retail giant Masan Group, recorded net profit after tax and pre-minority interest (NPAT Pre-MI) of VND105 billion ($4.14 million) in the third quarter of 2024.
Companies - Tue, October 29, 2024 | 3:25 pm GMT+7
Vietnam’s PV Gas, Russia’s Zarubezhneft to further core area cooperation
PV Gas, under state-owned Petrovietnam, and Russia’s state-owned Zarubezhneft will further cooperate in oil-gas and energy activities, the former said on Monday.
Energy - Tue, October 29, 2024 | 3:05 pm GMT+7
Vietnam steel major Hoa Phat’s net profit may reach $1 bln with new mill
Hoa Phat Group, which claims to be the biggest steel producer in Vietnam and Southeast Asia, may record a net profit of VND20-25 trillion ($793-991 million) when its new mill in the central region becomes fully operational, according to Vietcombank Securities (VCBS).
Companies - Tue, October 29, 2024 | 2:42 pm GMT+7
IFC plans $200 mln loan to LG Innotek Vietnam
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, plans to make a sustainability-linked loan (SLL) of up to $200 million to LG Innotek Vietnam Haiphong Co., Ltd.
Finance - Tue, October 29, 2024 | 10:11 am GMT+7
Vietnam banks' earnings outlook ‘relatively positive’: PYN Elite Fund
The Q3/2024 earnings growth of Vietnam’s listed companies will likely settle around 20-30% and banks’ earnings outlook for the next 12 months is also relatively positive, said the Finland-based PYN Elite Fund.
Finance - Tue, October 29, 2024 | 9:39 am GMT+7
Chinese e-commerce giant Temu's Vietnam entry: unfair competition or market economy norm?
Vietnam's social media is currently inundated with ads from Temu, the e-commerce platform under China’s PDD Holding, showcasing a diverse array of products – from electronic chips to refrigerator mats – at discounts of up to 90%, and raising concerns about its strategy and compliance.
Opinion - Tue, October 29, 2024 | 7:55 am GMT+7