Vietnam urges Samsung to foster R&D in Vietnam

By Quang Minh
Sat, June 22, 2024 | 10:08 am GMT+7

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.

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.

Comments (0)
  • Read More
Chinese e-commerce giant Temu receives tax code, still unlicensed

Chinese e-commerce giant Temu receives tax code, still unlicensed

Temu, the e-commerce platform under China’s PDD Holding, has been given tax identification number 9000001289 for its tax duty in Vietnam, says the General Department of Taxation (GDT) under the Ministry of Finance.

Companies - Tue, November 5, 2024 | 12:05 pm GMT+7

Korea soju producer HiteJinro targets annual output of 70 mln liters in Vietnam

Korea soju producer HiteJinro targets annual output of 70 mln liters in Vietnam

South Korea's HiteJinro, a leading producer of traditional alcoholic beverage soju, targets an annual output of 70 million liters of soju and fruit-flavored soju under the Jinro brand for its to-be-built factory in Vietnam.

Industries - Tue, November 5, 2024 | 10:13 am GMT+7

Vietnam stock market may receive $9 bln from overseas funds once upgraded: Morgan Stanley

Vietnam stock market may receive $9 bln from overseas funds once upgraded: Morgan Stanley

International funds may pour up to $9 billion into Vietnamese equities once Vietnam’s stock market status is upgraded from a frontier to an emerging market, says a Morgan Stanley representative.

Finance - Tue, November 5, 2024 | 9:33 am GMT+7

Vietnam oil & gas sector’s Q3 profits up for upstream firms, down for downstream firms

Vietnam oil & gas sector’s Q3 profits up for upstream firms, down for downstream firms

Upstream oil and gas companies in Vietnam reported robust profit growth in the third quarter of this year, but downstream peers were hit by declining oil prices.

Companies - Tue, November 5, 2024 | 8:01 am GMT+7

Indonesia targets comprehensive fuel subsidy scheme reform

Indonesia targets comprehensive fuel subsidy scheme reform

Indonesian Energy Minister Bahlil Lahadalia has said the country is conducting a thorough exercise to reform its fuel subsidy scheme.

Southeast Asia - Mon, November 4, 2024 | 10:50 pm GMT+7

Tech companies invest in data centers in Thailand

Tech companies invest in data centers in Thailand

Thailand’s Board of Investment (BOI) has approved investment support for two large data centre projects in the country worth over THB60 billion ($1.7 billion).

Southeast Asia - Mon, November 4, 2024 | 10:49 pm GMT+7

Indonesia upgrades sea wall system to protect Jakarta

Indonesia upgrades sea wall system to protect Jakarta

Indonesian Coordinating Minister for Infrastructure and Regional Development Agus Harimurti Yudhoyono has stated that the construction of sea walls was one of the priorities of President Prabowo Subianto.

Southeast Asia - Mon, November 4, 2024 | 10:47 pm GMT+7

Where real estate and urban development meet

Where real estate and urban development meet

The Transit-Oriented Development (TOD) itself, if properly planned and implemented, can lower the barrier to the use of public transport, lessen the dependency on private vehicles, contributing to the liveability of communities and cities, write Avison Young Vietnam analysts.

Consulting - Mon, November 4, 2024 | 8:49 pm GMT+7

AI helps sellers offer competitive prices on e-commerce platforms: Lazada trainer

AI helps sellers offer competitive prices on e-commerce platforms: Lazada trainer

When sellers carry out promotions on e-commerce platforms, artificial intelligence can help ensure their prices remain competitive, says Nguyen Tran Tin, a seller and trainer at Lazada Academy.

Companies - Mon, November 4, 2024 | 8:07 pm GMT+7

Vietnam plans $7.3 bln rail route linking 2 northern provinces bordering China

Vietnam plans $7.3 bln rail route linking 2 northern provinces bordering China

Vietnam Railway Authority under the Ministry of Transport has proposed a 448-km long, VND183,856 billion ($7.26 billion) route running between the northern provinces of Lao Cai and Quang Ninh, both sharing a border with China.

Infrastructure - Mon, November 4, 2024 | 7:14 pm GMT+7

Vietnam agribusiness HAGL trains focus on domestic market, inks pact with Kingfoodmart

Vietnam agribusiness HAGL trains focus on domestic market, inks pact with Kingfoodmart

Vietnamese agri major Hoang Anh Gia Lai JSC (HAGL) is looking to tap domestic market potential afresh by distributing its products through the Kingfoodmart supermarket chain.

Companies - Mon, November 4, 2024 | 7:08 pm GMT+7

Mixed performance by Vietnam commercial banks in Q3

Mixed performance by Vietnam commercial banks in Q3

Vietnamese commercial banks have had a mixed third quarter, with some reporting substantial profit gains while others seeing steep declines or even losses.

Banking - Mon, November 4, 2024 | 4:52 pm GMT+7

Vietnam’s Vingroup, UAE's NMDC to collaborate in offshore wind power

Vietnam’s Vingroup, UAE's NMDC to collaborate in offshore wind power

Vietnam’s leading conglomerate Vingroup and the UAE-based NMDC Group will collaborate in offshore wind power, the latter said in a recent filing sent to the Abu Dhabi Securities Exchange (ADX).

Energy - Mon, November 4, 2024 | 4:20 pm GMT+7

Military-run Viettel Group has 2 more deputy general directors

Military-run Viettel Group has 2 more deputy general directors

General Phan Van Giang, Minister of National Defence, has appointed Cao Anh Son and Nguyen Dat as deputy general directors of Military Industry and Telecommunications Group (Viettel Group), starting last Friday.

Companies - Mon, November 4, 2024 | 3:14 pm GMT+7

Mega Long Thanh airport first phase should be completed in Sept 2026: senior parliament official

Mega Long Thanh airport first phase should be completed in Sept 2026: senior parliament official

Relevant agencies should prepare to complete the first phase of the $14-billion Long Thanh International Airport project on September 2, 2026, as soon as the Vietnamese National Assembly approves changes to the project, said a senior parliament member.

Infrastructure - Mon, November 4, 2024 | 12:44 pm GMT+7

Fed rate cuts, upgrading efforts to lure foreign investors back into Vietnam stock market: VinaCapital

Fed rate cuts, upgrading efforts to lure foreign investors back into Vietnam stock market: VinaCapital

The U.S. Fed’s rate cut cycle and the Vietnamese government’s fresh efforts to upgrade the local stock market status are likely to bring foreign investors back into the stock market next year, according to VinaCapital.

Finance - Mon, November 4, 2024 | 11:42 am GMT+7