Samsung urges Vietnam to soon issue Investment Support Fund rules
Vietnam should soon issue a decree on the Investment Support Fund, Samsung Vietnam general director Choi Joo Ho said at a Thursday meeting with Vietnamese National Assembly Chairman Tran Thanh Man.
Samsung is committed to contributing to Vietnam’s socioeconomic development, Choi noted, giving the South Korean high-tech giant's suggestions for the fund per the experience of other nations.
National Assembly Chairman Tran Thanh Man (right) and Samsung Vietnam general director Choi Joo Ho at a meeting in Hanoi on December 12, 2024. Photo courtesy of the National Assembly.
For his part, Tran Thanh Man said the Government is set to issue the decree later this month, after the National Assembly Standing Committee had given its nod on December 11.
The fund will support high-tech businesses, enterprises with high-tech products, companies with high-tech applications, and firms with research and development (R&D) investments.
Man called on Samsung to further help Vietnam by improving the capacity of domestic firms and add more of them to its supply chain, training the workforce in collaboration with the National Innovation Center (NIC) and the Ministry of Planning and Investment, and developing the local supporting industry and semiconductor sector.
Samsung started investing in Vietnam in 2008. In 2023, its export revenues in Vietnam reached $55.7 billion, equivalent to 16% of Vietnam’s total. The figure is estimated to stay the same for 2024 amid global economic problems.
In latest news, Samsung Display Vietnam plans to invest an additional $1.8 billion in the northern province of Bac Ninh. Samsung's total investment in Vietnam has exceeded $23 billion.
The Investment Support Fund aims to maintain the competitiveness of Vietnam’s investment environment amid the implementation of the Global Minimum Tax (GMT).
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