Shin Jong-kyun, President and CEO of the Republic of Korea (RoK)’s Samsung Electronics said during a meeting with Prime Minister Nguyen Xuan Phuc on October 6.
Workers of Samsung Electronics Thai Nguyen (SEVT) on an assembly line.
Shin said that after its decade-long presence in Việt Nam, Samsung’s investment had mounted to US$17 billion. He revealed that Samsung planned to export over $50 billion worth of products in 2017, accounting for 20 percent of Vietnam’s total export value.
The company has six factories in Vietnam, of which two were the largest and most modern of the firm so far. The factories create jobs for roughly 136,700 locals.
Previously, Tech-in-Asia forecast that Vietnam could be the next giant market for telco investors.
Statistics from the Ministry of Information and Communications showed that revenue in telco industry last year rose 7.5 per cent against the previous year to VND365.5 trillion ($16.5 billion). The three biggest telco players in the country—MobiFone, VNPT, and Viettel—recorded a combined revenue of approximately VND318.8 trillion last year.
At the meeting, PM Phuc said that Việt Nam always supports and creates optimal conditions for foreign investors, including Samsung, to run their businesses in Việt Nam.
He expected Samsung to continuously expand investment in Vietnam, not only in electronics but other industries of the firm’s strength.
He also suggested the firm continue assisting Việt Nam in human resources training and technology transfer, thus creating opportunities for local support industry businesses, especially small and medium-sized ones.
The Government leader asked Samsung to launch its Centre for Research and Development on schedule.
Shin said that the company had paid great attention to the training of Vietnamese staff, while increasing the number of Vietnamese firms joining its supply chain to 29 by the end of this year. In the next three years, the figure is expected to reach 50./.