Vietnam urges Samsung to foster R&D in Vietnam
Vietnam’s Prime Minister Pham Minh Chinh has proposed Samsung ramp up research and development (R&D) and continue treating the country as a strategic production hub for the launch of flagship products globally.
At a meeting with head of Corporate Management Office (CFO) of the Korean chaebol Park Hark Kyu in Hanoi on Friday, the government chief also asked Samsung to help Vietnamese companies join its supply chain more effectively.
Prime Minister Pham Minh Chinh (right) meets with Samsung CFO Park Hark Kyu in Hanoi, June 22, 2024. Photo courtesy of the government’s news portal.
Vietnam welcomes close cooperation with leading economies and enterprises, including Samsung, in emerging fields such as semiconductors, artificial intelligence, and hydrogen, Chinh stated.
Appreciating Samsung’s contributions to Vietnam’s export as well as socio-economic development, Chinh showed his support for the tech giant's expansion and committed to removing hurdles to its operations.
For his part, CFO Park Hark Kyu raised issues related to Vietnam’s investment environment, particularly in emerging fields and direct power purchasing agreements, widely known as DPPA.
Park, who travels to Vietnam frequently, thanked Vietnam for its efforts to help Samsung overcome challenges and hoped for further improvements in its business environment.
Samsung is now the largest foreign investment in Vietnam, with a committed tally of $22.6 billion. It plans to invest $1 billion annually in the Southeast Asian country, Park said at a meeting with Chinh in May.
In 2023, Samsung raked in revenue of $65 billion and exports of $55.7 billion from its Vietnam operations. The respective figures for Q1/2024 were $17.2 billion and $15 billion.
Around half of its smartphones and tablets are produced in Vietnam and exported to 128 countries, according to Samsung’s statistics. It has invested in eight factories in Vietnam, of which at least two are dedicated to producing smartphones.
The Korean conglomerate inaugurated a $220-million R&D center in Hanoi, its biggest research facility in Southeast Asia, in December 2022 after nearly three years of construction.
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