|Deputy Prime Minister Trinh Dinh Dung (R) and new general director of Samsung Vietnam, Choi Joo-ho
The Vietnamese official made the statement at a reception for the new general director of Samsung Vietnam, Choi Joo-ho, in Hanoi on February 26, during which he praised the contributions made by Samsung Vietnam to promoting the development of the country’s support industry.
Samsung is one of the enterprises most notable for encouraging and facilitating Vietnamese enterprises’ participation in value chains, he said.
While affirming that it is Vietnam’s strategy to prioritise the development of supporting industries, Deputy PM Dung proposed that RoK firms in general, and especially Samsung, continue to play a leading role in pushing Vietnamese support enterprises for joint development.
He said in order to develop the support industry, the role of leading companies is very important as they are both customers and facilitators for enterprises to join the value chain, thus increasing the localisation rate of products manufactured in Vietnam.
The Deputy PM also suggested Samsung prioritise investment in research and development, and strategic human resource training; pay more attention to improving workers’ lives; and participate more actively in humanitarian and charitable activities in Vietnamese localities.
For his part, Choi noted the opinions of Deputy PM Dung and affirmed that Samsung will take the initiative in its role as one of the main “locomotives” of Vietnam’s support industry development.
According to Choi, Samsung Vietnam’s export turnover hit over 60 billion USD in 2018, 12 percent higher than that of 2017. The company also has many policies to develop support industries, including directly supporting Vietnamese firms and training consultants in the sphere.
Last year, as many as 35 Vietnamese companies became first-level suppliers for Samsung. About 627 Vietnamese businesses have joined the supply chain, accounting for about 30 percent of Samsung’s total suppliers.
Currently, the RoK has more than 7,300 valid investment projects in Vietnam with a total registered capital of 62.1 billion USD. Of which, Samsung is the largest foreign investor in the Southeast Asian country with 6 projects worth over 17.3 billion USD. Samsung’s projects have created jobs for nearly 160,000 employees.