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Viet Nam to become Samsung’s largest display module production hub globally

VGP - Samsung plans to increase investment over the next three years to make its factory in Viet Nam become the business giant's largest display module production base in the world.

July 02, 2024 3:48 PM GMT+7
Viet Nam to become Samsung’s largest display module production hub globally- Ảnh 1.

Prime Minister Pham Minh Chinh (R) meets Samsung Electronics Chairman Lee Jae Yong, Seoul, South Korea, July 2, 2024 - Photo: VGP

Samsung Electronics Chairman Lee Jae Yong made the above statement during his meeting with Prime Minister Pham Minh Chinh in Seoul, on July 2, on the occasion of the Vietnamese leader's official visit to South Korea.

Samsung has invested US$22.4 billion in Viet Nam, becoming the largest foreign investor in the country, creating 90,000 jobs. Last year, Samsung Viet Nam earned US$55.7 billion from exporting, noted the Samsung Chairman.

Currently, 310 companies from Viet Nam are partners in Samsung's production chain, he said, adding that 2,500 engineers and researchers are working at the Samsung R&D Center in Ha Noi.

The Vietnamese Prime Minister hailed Samsung's investment and business operation in Viet Nam, thereby making positive contribution to socio-economic developmentin the country.

The Vietnamese Government is building a decree on the establishment, management and use of the investment support fund to ensure the stability, competitiveness and attractiveness of Viet Nam's investment environment, attracting corporations and enterprises to invest in large-scale projects in areas of high technology, semiconductor chips, AI, and R&D centers, shared the Prime Minister.

The Government is also preparing to issue a decree on direct power purchase agreement to facilitate electricity supply for investors, added Pham.

He urged Samsung to further expand investment and diversifying supply and linkage chains in a bid to turn Viet Nam into a strategic production base.

The Prime Minister also asked Samsung to increase the localization rate and support Viet Nam to further improve the capacity of domestic businesses to participate more effectively in the group's value chain.

Pham took the occasion to seek Samsung's assistance in training high-quality human resources for newly emerging fields, enhancing innovation, startups, research, and application of science and technology./.