Samsung to increase investment in Vietnam: country CEO

Samsung Group will add more investments into Vietnam, its global phone manufacturing hub, said Samsung Vietnam CEO Choi Joo Ho in a talk with The Investor.

Could you please talk about business performances at Samsung Group and Samsung Vietnam?

Built on the achievements in 2021, Samsung Vietnam's total exports reached $34.3 billion in the first half of 2022, up 18% year-on-year.

Samsung has continuously increased its investment in Vietnam. This year, Samsung keeps disbursing in the country its pledged investment, including the commitment of around $1.2 billion for the Samsung Electro-Mechanics Vietnam factory in Thai Nguyen province. By the end of 2021, Samsung's accumulated investment in Vietnam was $18.2 billion, and the figure by the end of 2022 is expected to exceed $21.5 billion.

In particular, Samsung highly appreciates and thanks the Vietnamese government’s efforts in the fight against the pandemic and the economic recovery process, also in creating a very good environment for businesses amid global uncertainties.

What has Samsung done to support Vietnamese enterprises in sharpening their competitive edge?

Samsung wishes to support Vietnamese enterprises to advance their competitiveness in line with global standards in all processes like research and production, with a focus on bringing them into the supply chain of Samsung and other global chains.

The reason for this is the competence of suppliers is directly related to our competitiveness. When our Vietnamese suppliers get stronger, this means Samsung will become stronger.

In addition, in order to demonstrate our social responsibility as a corporation to the Vietnamese government, Samsung always strives to make substantial contributions to improving Vietnam's national competitiveness.

As a result of those efforts, our total number of Vietnamese suppliers, both Tier-1 and Tier-2, is about 250 enterprises. Among them are 52 Tier-1 suppliers. Samsung keeps working to constantly increase the numbers.

Samsung Vietnam is implementing a national project to support the development of smart factories for about 50 domestic enterprises to increase production capacity. They are supported in expertise and in experience transfer in developing smart factories, thus enhancing production capacity up to Samsung's global standards.

Could you be specific about Samsung Group’s future plans for Vietnam?

Vietnam is not just a trading partner, but a complementary economic partner to Samsung. We are committed to Vietnam.

The pandemic has caused many difficulties over the past three years. However, with the Vietnamese government’s support, Samsung has gradually overcome the challenges while increasing investment, thus contributing to the country’s post-pandemic economic recovery. Samsung will not change its investment strategy in Vietnam, and therefore will continue to add investment.

In addition to providing high-class products and services, Samsung Vietnam always strives to fulfill its corporate social responsibility. Samsung wishes to contribute more to the socio-economic development of Vietnam and become a company largely loved by the Vietnamese people.

What are Samsung Vietnam’s CSR initiatives for the goal?

We always strive to share difficulties with Vietnam as both a leading exporter and a company loved by the general public. To this end, we are focusing on training Vietnam's future generations. Most recently, we launched the Samsung Innovation Campus 2022-2023 program, which aims to provide students with core training courses related to software like programming, artificial intelligence, and the Internet of Things.

We are holding the Solve for Tomorrow contest as a playground encouraging students to think creatively and apply STEM (science, technology, engineering, maths) knowledge to seek solutions to social or local problems.

We always believe that Vietnam's young talents, who master technology and have social responsibility, will be the ones driving the country’s development.

Samsung has built the Samsung Hope Schools in four localities in Vietnam and is making efforts to give every child at these schools the opportunity to join extracurricular activities after regular classes. Samsung will always support Vietnam for a brighter future.

Vietnam and South Korea are celebrating the 30th anniversary of their diplomatic relations. As a representative of a Korean company, what are your thoughts on this?

The two countries’ relationship has continuously been developing over the past 30 years. Besides, both nations are working to upgrade this relationship to a comprehensive strategic partnership.

South Korea is working on its bid to host the World Expo 2030 EXPO in Busan, under the theme “Transforming our World, Navigating to a Better Future”. Korea hopes to present a common vision for solving global challenges like climate change, pandemics, and technology differentiation.

The world expo will be an opportunity for Samsung and other Korean companies to demonstrate high-tech products made in Vietnam, thereby contributing to promoting the two nations’ relationship.