More than 50% of Samsung phones worldwide are 'Made in Vietnam'

Visiting and working at Samsung Electronics Vietnam Co., Ltd. this morning, July 30, Prime Minister Pham Minh Chinh hopes that Samsung will have more Vietnamese leaders and managers.

On the morning of July 30, in Bac Ninh , Prime Minister Pham Minh Chinh worked with Samsung Electronics Vietnam Co., Ltd. (SEV).

Prime Minister visits equipment production line at Samsung

NORTH JAPAN

Mr. Choi Joo Ho, General Director of Samsung Vietnam, thanked the Government and Bac Ninh province for supporting and facilitating Samsung's operations over the past 15 years, affirming that Samsung is committed to long-term, sustainable investment in Vietnam. In response to Samsung's proposal, leaders of the Ministry of Planning and Investment and the State Bank affirmed that Vietnam will ensure consistent implementation of policies committed to investors.

The Government is assigning the Ministry of Planning and Investment to preside over and coordinate with relevant ministries and agencies to urgently research and propose solutions to attract investment and support businesses that are not contrary to international regulations and commitments.

Regarding electricity supply, the Government has also taken drastic actions to rectify the electricity supply situation as well as implement licensed power source projects according to the plan.

Speaking at the meeting, Prime Minister Pham Minh Chinh conveyed the words of General Secretary Nguyen Phu Trong acknowledging, thanking, and highly appreciating the investment activities and achievements and results of Samsung Group in Vietnam, contributing to promoting the increasingly developing Vietnam - Korea relationship.

Over the past two years, the Prime Minister has made four visits to Samsung facilities in Vietnam and five meetings and discussions with Samsung leaders. This has affirmed the Government’s interest in non-state enterprises, including FDI enterprises.

The Prime Minister said that in the new period, Vietnam's development will mainly rely on science and technology and innovation, taking people as the goal, the subject of resources and the driving force for development. Samsung also develops in this direction. The two sides met at a major orientation and believe that the two sides will reach the same goal.

According to the Prime Minister, the Vietnam-Korea relationship is at its best. Political trust between the two countries is constantly being strengthened. In terms of economy, trade and investment, Korea is currently the largest foreign direct investor (FDI) with 82 billion USD; ranked 2nd in development cooperation, tourism and labor; ranked 3rd in trade cooperation, reaching 86.4 billion USD in 2022.

Prime Minister affirms that Vietnam has preferential policies for large investors like Samsung.

NORTH JAPAN

Vietnam has preferential policies for large investors, investing in high technology, digital technology, green growth, and supporting Vietnamese enterprises. Samsung is an investor that meets all these factors.

To date, Samsung is the largest Korean investor and also the largest foreign investor in Vietnam with a total registered investment capital of nearly 20 billion USD, identifying Vietnam as a long-term investment base. This proves that Samsung's cooperation and investment activities are in the right direction and effective.

The Prime Minister also affirmed that Vietnam wishes to continue attracting high-quality investment capital from Korea, especially leading enterprises such as Samsung, in the fields of high technology and electronics.

Vietnam hopes that Samsung will continue to consider Vietnam as a strategic production base, researching, developing and manufacturing key products for the international market, and operating sustainably and long-term in Vietnam.

The Prime Minister also said that Vietnam is very determined in directing the issue of housing for workers and middle-income earners, including the implementation of a VND120,000 billion credit package, and requested Samsung to actively participate in implementing this credit package.

Vietnam also hopes that the National Innovation Center in Hoa Lac (Hanoi) will receive active support from Samsung's Research and Development Center in Hanoi, and that the two sides will closely coordinate for development. The Prime Minister also hopes that Samsung will have more Vietnamese managers and leaders.

Currently, Samsung's major projects are concentrated in Bac Ninh, Thai Nguyen and Ho Chi Minh City; total registered investment capital reaches nearly 19.8 billion USD, disbursement rate reaches 102%.

Samsung's total workforce in Vietnam is about 100,000 people. Of which, the production sector accounts for 74%, engineers account for 17%, office sector accounts for 7%, and foreign workers account for only 261 people.

In 2022, the total revenue of projects in Vietnam will reach about 74 billion USD, exports will reach 65 billion USD, contributing 17.5% of the country's export turnover. Currently, more than 50% of Samsung's global phone output is manufactured in Vietnam and exported to 128 countries and territories around the world.

Every year, Samsung contributes more than 10,000 billion VND to the state budget. To date, 51 Vietnamese enterprises have become Samsung's tier 1 suppliers.

Thanhnien.vn

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