Print article

PM suggests Samsung invest in semiconductor production in VN

VGP – Prime Minister Nguyen Xuan Phuc expressed his expectations that Samsung will invest in semiconductor production in Viet Nam at his reception for Vice Chairman of Samsung Electronics Lee Jae-yong in Ha Noi on October 20.

October 21, 2020 9:12 AM GMT+7

Prime Minister Nguyen Xuan Phuc (R) receives Vice Chairman of Samsung Electronics Lee Jae-yong, Ha Noi, October 20, 2020 - Photo: VGP/Quang Hieu

   >>> Economy size increases by 1.4 times from 2015

   >>> Standard Chartered: VN’s economy to grow 3% in 2020, surge to 7.8% in 2021

He asserted that Samsung’s commitments made at their previous meeting during his visit to the Republic of Korea (RoK) last November have been effectively carried out, especially groundbreaking of Samsung’s largest research and development (R&D) Center in Southeast Asia in Ha Noi this March.

The Vietnamese leader suggested the Korean conglomerate continue supporting Vietnamese auxiliary industries to join deeply in Samsung’s supply chain and R&D activities in the country. 

Viet Nam is willing to create the most favorable conditions for Samsung to invest in high-tech projects, he affirmed.

For his side, Lee Jae-yong expressed thanks to the Government of Viet Nam for facilitating Samsung to continue smooth operation amid the complex developments of the COVID-19 pandemic, adding that the R&D Center will come into operation by the end of 2022, which is home to more than 3,000 engineers and experts. 

The corporation is considering investing in both manufacturing and R&D, he confirmed. 

Samsung is the single largest foreign investor in Viet Nam, with investments totaling US$17 billion.

Viet Nam's exports of smartphones and spare parts, mostly produced by Samsung Electronics, rose 4.4% last year to US$51.38 billion, according to the General Statistics Office.

By Thuy Dung