Samsung is expected to become a talent training center in Vietnam

Samsung Group’s efficient operations have made an important contribution to Vietnam’s electronics industry and trade relations.

This was stated by Deputy Prime Minister Le Minh Khai at a ceremony held on April 20 to mark the 10th anniversary of the founding of Samsung Electronics Vietnam Thai Nguyen Co. Ltd. and the receipt of a Third Class Labor Order.

Khai praised Samsung as the largest Korean investor and the largest foreign investor in Vietnam, with a total registered capital of nearly US$20 billion. To date, his capital in projects in Thai Nguyen province has approached US$7.5 billion, accounting for about 73% of the total foreign direct investment in the province, he said.

Throughout its 10 years of activity in Vietnam, Samsung Vietnam Thai Nguyen has always been one of the leading manufacturers of mobile devices under the Samsung “made in Vietnam” brand. It is also one of the units with the highest revenue and highest contribution to the export turnover of the Samsung Group in Vietnam. Last year, the company earned USD28.3 billion in revenue and USD27.3 billion in export revenue, which is equivalent to 38.3% and 42.1% of the total Samsung Group, respectively.

The Vietnamese Party, State and Government always create favorable conditions to attract domestic and foreign investors according to the principle of “harmonizing interests and sharing risks”, accompanying and guaranteeing the legitimate rights and interests of relevant investors, companies and partners Khai stated.

He suggested that Samsung Group continue to expand its operations and consider Vietnam as an important global strategic location for its overall growth, not only in terms of production but also in research and development of key products to export to the world, with the aim of becoming a hub of talent cultivation in Vietnam, inventing and adopting the world’s most advanced technologies.

The leader urged preparing the necessary conditions for early trial production of semiconductor chip network products, towards mass production from July 2023 at Samsung’s Thai Nguyen plant. It will be a good start for his closed-loop “production chain” in Vietnam’s electrical and electronics industries, he said.

To date, its capital in projects in Thai Nguyen province has approached USD 7.5 billion

For this reason, the Deputy Prime Minister also asked the company to facilitate greater integration into its supply chain for national companies.

Noting Samsung Group’s suggestions on the global minimum corporate tax from 2024, Khai said the Vietnamese government is committed to continue to accompany and promptly address the obstacles faced by foreign investors, including Samsung, to do business effectively and grow sustainably in Vietnam.

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Samsung Vietnam General Manager Choi Joo Ho said that thanks to the comprehensive support of the Vietnamese government and provincial authorities, the unity of staff and suppliers, Samsung has overcome all obstacles and built the factory like today.

Throughout its 10 years of activity in Vietnam, Samsung Vietnam Thai Nguyen has always been one of the leading manufacturers of mobile devices under the Samsung brand “made in Vietnam”.

Reiterating the assertion of many Vietnamese leaders that “Samsung’s success is Vietnam’s success,” Choi said that Samsung will do its best to become a company that goes hand in hand with Vietnam and a national company that receives the sentiments of the Vietnamese people.

He also expressed his hope that joint efforts will be made to overcome all the challenges on the way in the next decade and the coming future.

Article republished from the Vietnamese state media VNA in the framework of an agreement between both parties to share content. Link to the original article: https://en.vietnamplus.vn/samsung-expected-to-become-talent-nurturing-centre-in-vietnam-deputy-pm/251889.vnp

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