PM Chinh desires breakthrough cooperation with Samsung

PM Chinh on July 2 hosted Lee Jae Yong, chairman of Samsung. The Korean multinational electronics corporation recorded revenue reaching roughly US$210 billion in 2023 and has poured US$22.4 billion into the Vietnamese market, creating about 90,000 jobs.

Yong thanked the Vietnamese side for giving effective assistance to the group, especially during the COVID-19 period, which in turn helped Samsung to overcome difficulties and challenges, as well as adopting new policies by the Vietnamese Government in order to continue supporting investors in priority areas.

According to information provided by the Samsung chairman, over the course of 16 years relations between Samsung and the country has seen positive developments, with more than 310 Vietnamese firms being partners in Samsung’s product chain.

There are 2,500 engineers and researchers based at Samsung's Research and Development (R&D) Center in Hanoi, including an artificial intelligence (AI) research department in languages ​​other than Vietnamese. Samsung is also researching and developing 5G devices.

Yong said that as the nation’s largest foreign investor and largest exporter, Samsung is committed to always accompanying the Vietnamese side in sustainable development in the spirit of "harmonious benefits and shared risks" that PM Chinh has previously mentioned many times before.

In particular, Samsung is poised to invest strongly over the next three years to make the Vietnamese factory the group's largest display module production base globally.

The Vietnamese cabinet leader applauded the results of Samsung Group in the process of investing and conducting business in the Vietnamese market, thus actively contributing to the development of products applying modern technology, Vietnamese imports and exports, and social economic development.

Touching upon "6 outstanding points" in the co-operative ties between the country and Samsung during the past year after the meeting between PM Chinh and the Samsung chairman in Hanoi back in June, 2023, on the occasion of the State visit to Vietnam by President Yoon Suk Yeol, PM Chinh said that the Vietnamese Government is building a decree on the establishment, management, and use of the Investment Support Fund. This will ensure stability, competitiveness, and attractiveness of the local investment environment aimed at attracting corporations and further investment from firms in major projects in investment-encouraged fields such as high technology, semiconductor chips, AI, and R&D.

The sound political and diplomatic ties that exist between the two countries are creating a solid foundation for co-operative activities, PM Chinh said, while stating his appreciation for Samsung's co-operation intentions in the time ahead with new products and new results, especially creating breakthroughs in collaboration in the fields of the digital economy, the green economy, and the circular economy.

He expressed his hopes that Samsung will continue to expand investment, boost market expansion, diversify supply chains and link chains; and consider Vietnam as a strategic production base in order to research, develop, and produce key products to serve the international market.

The nation is continuing to negotiate free trade agreements (FTAs), expanding into new export markets such as the Middle East, South America, and Africa, all of which will also help Samsung products to penetrate more markets, PM Chinh went on to say.

He suggested that Samsung move to increase its localisation rate and support the country in further improving the capacity of domestic businesses, thereby enabling them to engage more effectively in the group's value chain.

This includes ramping up linkages to make digital technology businesses and Vietnamese partners become partners in Samsung's ecosystem, with a view towards researching and developing new breakthrough products.

He also suggested that Samsung move to intensify the activities of Samsung's R&D Center in Hanoi and support the nation in training high-quality human resources in emerging fields. Other efforts include promoting innovation, startups, research, and the application of science and technology.

The Vietnamese Government chief voiced his hope that in the near future, there will be Vietnamese nationals joining the board of directors of Samsung Vietnam.
PM Chinh thanked Samsung Vietnam for accompanying the nation in social responsibility activities, affirming that the Vietnamese Government always supports, accompanies, and looks to create favourable conditions for the group to launch business investment activities in an effective and sustainable manner in the country.