During a recent meeting with Vietnamese Prime Minister Pham Minh Chinh, Samsung Electronics chairman, Lee Jae-yong renewed a commitment to continue boosting investment in Vietnam, where the company is the biggest foreign investor.
The private meeting saw Jae-yong agree to a big investment for setting up the company’s largest display module production base over the next three years.
A state-run news source from Vietnam reported, “Vietnam’s success is Samsung’s success, Vietnam’s development is Samsung’s development.”
The Vietnamese Prime Minister acknowledged the government’s support and cooperation to create good conditions for Samsung’s “successful, effective and sustainable” business activities.
“The ministers will be responsible for implementing the agreements between Vietnam and Samsung.”
He added the government is willing to establish a new law to support foreign investment, especially when it comes to advanced technology, such as chipsets, AI, and R&D centres.
He also revealed the government is preparing to issue a decree on direct purchase agreements and sales systems for electricity supply.
Additionally, he asked Samsung to continue to support Vietnamese companies, when it comes to developing a competitive edge and expanding partnerships.
This was asked so domestic companies could participate in Samsung’s value chain, and be part of the research and development system.
Currently, Samsung is Vietnam’s biggest foreign investor and largest exporter. It has invested $22.4 billion and has around 90,000 staff.
Last year, it was reported that Samsung Vietnam exported $55.7 billion.
Samsung first started working within the Vietnamese market back in 1989, when it opened a trading office for Samsung C&T.
Now, the company has manufacturing plants across Vietnam for the production of smartphones, network equipment, TVs, displays, and batteries.
