Vietnam supports Samsung’s operations amid global difficulties

Receiving Samsung Vietnam CEO Choi Joo Ho in Hanoi on July 21, Deputy Prime Minister Tran Luu Quang highly appreciated the firm’s business strategy in Vietnam, saying Samsung Vietnam is a success story in term of foreign direct investment in the country.

Choi for his part said Samsung has so far invested US$20 billion in Vietnam with more than 100,000 officers and employees working at Samsung factories in Hanoi, Ho Chi Minh City, Bac Ninh and Thai Nguyen. The firm has always recorded a high export growth rate over the years, with its export earnings reaching a record high of US$65 billion last year.

He revealed that Samsung Vietnam would soon introduce the new 5th generation Galaxy Fold series in an effort to maintain its export growth in the context that global demand for smart phones is forecast to decrease by 8% due to economic difficulties.

Choi said that every year Samsung still pours an additional US$1 billion and is trying to disburse all of this additional investment capital to maintain competitiveness and sustainable development.

He thanked the government for facilitating the firm’s operations and hoped to receive additional support for win-win cooperation.

Deputy PM Tran Luu Quang shared difficulties faced by the firm and expressed his belief the new product would help increase the firm’s sales.

The Vietnamese Government is committed to creating an increasingly favourable and attractive business investment environment for foreign investors, including Samsung, he assured his guest.