Samsung to remain top foreign investor in Vietnam over next 3 decades: CFO
Samsung Group will continue to invest in Vietnam to retain its largest foreign investor status in the country over the next two to three decades, said chief financial officer of the Korean chaebol Park Hark Kyu.
Prime Minister Pham Minh Chinh (right) hosts a reception for chief financial officer of Samsung Group Park Hark Kyu in Hanoi, October 31, 2023. Photo courtesy of the government's news portal.
The Samsung CFO made the statement in response to Prime Minister Pham Minh Chinh’s suggestion at a Tuesday meeting in Hanoi that Samsung continue considering Vietnam a strategic production base, a hub of research and development and production of key products for international markets.
Chinh suggested the group expand its investment in high technology, electronics, semiconductors, digital transition, green growth, and the circular economy.
The prime minister said Vietnam is striving to improve its business environment and is committed to protecting the legal and legitimate interests as well as creating favorable conditions for foreign firms, including Samsung, to do long-term business in the country.
Park said Samsung Vietnam targets to earn $57 billion from overseas shipments this year. The group's Vietnam business recorded revenues of $48 billion and exports of $42 billion in the first three quarters of this year.
Samsung has invested some $18 billion in Vietnam and has plans to raise the tally to $20 billion soon. The group inaugurated a $220-million R&D center in Hanoi late last year.
About 60% of Samsung smartphones worldwide are made in Vietnam.
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