Samsung Electronics Vietnam’s 10th anniversary marked

Deputy Prime Minister and Foreign Minister Pham Binh Minh (R) attends the 10th anniversary of Samsung Electronics Vietnam (Photo: VNA)

Speaking at the event, Deputy Prime Minister and Foreign Minister Pham Binh Minh congratulated Samsung Electronics Vietnam in particular and Samsung Vietnam in general on their business results over the past decade.

He said Samsung’s success in Vietnam is also the success of the country’s reform policy and reflects the improvement in investment environment in the Southeast Asian nation.

Vietnam encourages businesses from the Republic of Korea in general and Samsung in particular to expand production in the country, he added.

The Deputy PM suggested that the RoK businesses should transfer technology, pay attention to and ensure interests of workers, while supporting Vietnamese enterprises to become partners in the global value chain and raise the localisation rate.

The RoK is Vietnam’s biggest foreign investor and third largest trade partner, while Vietnam is the RoK’s biggest trade partner in ASEAN.

With total registered capital of 59 billion USD, RoK businesses have played an active role in Vietnam’s key economic sectors, including electronics, energy, automobile, garment-textile and construction, among other.

Samsung has so far invested in six projects worth over 17.3 billion USD in Vietnam. In 2017, Samsung Vietnam posted a revenue of nearly 64 billion USD, with export value reaching 54 billion USD or 25.4 percent of Vietnam’s total export value. It generated jobs for 160,000 local workers.