Vietnam, RoK eye sustainable manufacturing value chains in phone industry
A seminar discussing policies on the phone components industry was recently held by the Department of Trade Promotion (Vietrade) under the Ministry of Industry and Trade and the Korea Trade-Investment Promotion Agency (KOTRA).
Addressing delegates, Vietrade Director Vu Ba Phu said the event was held by the Korea Desk with the aim of providing a venue for exchanges between Vietnamese agencies and Vietnamese and RoK enterprises operating in the manufacturing of phone components and parts.
He expressed his hope that the seminar would help with the formation of sustainable manufacturing value chains in the phone industry in Vietnam with the effective cooperation of RoK investors.
Participants highlighted Samsung Vietnam as a typical success story in the field. Samsung’s investment surged 26-fold to US$17.3 billion after 12 years operating in the Southeast Asian nation.
Vietnam is currently Samsung’s largest manufacturing base abroad and the company is also the leading FDI investor in the country.
Cooperation between Vietnam and the RoK has made great strides in various fields since the countries set up diplomatic ties in 1992.
As of August 20, total registered capital of RoK firms in Vietnam hit US$70.4 billion, accounting for 18.5% of foreign direct investment in the country.
At present, about 8,900 RoK companies are investing in Vietnam, creating employment for more than 1 million people and contributing about 33% of Vietnam’s total export values.