Samsung subsidiary, Vietnamese military firm sign phone parts manufacturing deal
UIL Vietnam JSC, a unit of Samsung Electronics Vietnam, and military-run Z111 Factory have signed an agreement on manufacturing sim trays, a smartphone component.
General director of Samsung Electronics Vietnam Choi Joo Ho and Lieutenant General Nguyen Manh Hung, Party chief of the General Department of Defense Industry, attended the recent signing ceremony.
With support from Samsung and UIL, Z111 Factory built a production line for A235F and A236F sim trays and trained people to work on it. Before the signing, Z111 had manufactured 500 sim trays for checking and fulfilled Samsung’s requirements.
Hung said that the agreement would not only help Vietnamese firms become a stronger part of Samsung’s supply chain, but also encourage South Korean firms to invest in Vietnam. It would also strengthen Vietnam’s supporting industry and boost the ties between Samsung and Vietnam’s defense industry, he added.
Samsung is the largest foreign investor in Vietnam. About 60% of Samsung smartphones are made in Vietnam and the group has invested more than $20 billion as of June 2022, about 28 times higher than its initial commitment.
The total net profit earned by the South Korean tech giant’s four units in Vietnam - Samsung HCMC CE Complex (SEHC), Samsung Display Vietnam (SDV), Samsung Electronics Vietnam (SEV) and Samsung Electronics Vietnam Thai Nguyen (SEVT) - rose 11.7% year-on-year to $1.43 billion in the first quarter of 2022, according to Samsung’s financial report for the period.
As of 2021, Samsung had 51 level one and 203 level two vendors in Vietnam, according to the South Korean giant.
The government is considering turning three military airports in Ninh Thuan, Dong Nai and Hanoi into military-civil airports.
Infrastructure - Sun, September 25, 2022 | 8:42 pm GTM+7
Heineken Vietnam inaugurated an expanded brewery in Ba Ria-Vung Tau province Saturday, saying it was the the biggest in Southeast Asia and used 100% renewable energy.
Industries - Sun, September 25, 2022 | 8:12 pm GTM+7
Hoang Anh Gia Lai JSC (HAGL) has suspended registration documents for a private placement of shares worth VND1,700 billion ($71.7 million) that it had submitted to the State Securities Commission.
Companies - Sun, September 25, 2022 | 5:42 pm GTM+7
Vietnam Airlines, Bamboo Airways and Vietjet Air have been honored with titles in different categories by UK-based air transport rating organization Skytrax.
Travel - Sun, September 25, 2022 | 3:53 pm GTM+7
Northern and central provinces have been told to prepare for supertyphoon Noru, which is heading in a northwest direction with wind speeds of up to 183 km per hour.
Society - Sun, September 25, 2022 | 3:35 pm GTM+7
A police station has been set up at the Long Thanh International Airport construction site in Dong Nai province to ensure security and traffic safety.
Society - Sun, September 25, 2022 | 8:18 am GTM+7
Vietnam’s benchmark VN-Index decreased to the area close to 1,200 points at the end of this week, down 31 points following the U.S. Federal Reserve’s mid-week interest rate hike of 75 percentage points.
Finance - Sat, September 24, 2022 | 5:02 pm GTM+7
Four hotels on Phu Quoc Island, namely Novotel, Pullman, New World and JW Marriott, were honored Thursday at Haute Grandeur Global Hotel Awards with titles in different categories.
Travel - Sat, September 24, 2022 | 4:18 pm GTM+7
A slew of small- and medium-size commercial banks have hiked their deposit interest rates by 0.3-1 percentage points after the State Bank of Vietnam raised the deposit rate ceiling Friday.
Banking - Sat, September 24, 2022 | 3:10 pm GTM+7
Greater awareness of the opportunities and required policy support are key to expanding the scale, quality and speed of foreign investment in the Mekong Subregion, experts say.
Economy - Sat, September 24, 2022 | 1:24 pm GTM+7
The nation’s largest private conglomerate, Vingroup, has received in-principle approval to build its second auto battery plant in the same economic zone as the first in central Vietnam.
Industries - Sat, September 24, 2022 | 11:59 am GTM+7
Stiffer competition among online shopping sites in Vietnam during the last three months of the year will drive up inner-city warehouse occupancy rates, according to Cushman & Wakefield.
Real Estate - Sat, September 24, 2022 | 10:46 am GTM+7