On July 2, during his official visit to South Korea, Prime Minister Pham Minh Chinh met with Mr. Lee Jae Yong, Chairman of Samsung Group, in the capital city of Seoul.
Prime Minister Pham Minh Chinh meets with Mr. Lee Jae Yong, Chairman of Samsung Group – Photo: VGP/Nhat Bac
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Samsung Electronics (1969) is a South Korean multinational electronics corporation that manufactures and trades electronic products, network equipment, semiconductors, and chips, as well as develops AI and 5G technology. In 2023, the company achieved a revenue of approximately $210 billion and employed 270,000 people worldwide.
In Vietnam, Samsung has invested $22.4 billion and employs around 90,000 people. In 2023, Samsung Vietnam’s exports reached $55.7 billion.
During the meeting, the Chairman of Samsung expressed his gratitude for the efficient support provided by the Vietnamese government, especially during the COVID-19 pandemic, which helped the company overcome various challenges. He also appreciated the new policies that the Vietnamese government is preparing to implement to further support investors in priority areas.
Mr. Lee Jae Yong also thanked the Prime Minister for attending the inauguration ceremony of Samsung’s Research and Development Center in Hanoi in December 2022 and for his planned visit to Samsung’s semiconductor factory during this trip.
He highlighted the flourishing cooperation between Samsung and Vietnam over the past 16 years, stating that Samsung’s success is intertwined with Vietnam’s development. “Vietnam’s success is Samsung’s success, and Vietnam’s growth is Samsung’s growth,” he added.
He mentioned that 310 Vietnamese companies are currently part of Samsung’s production chain and that the company’s Research and Development (R&D) Center in Hanoi employs 2,500 engineers and researchers, including a team working on AI using languages other than Vietnamese. Samsung is also engaged in the development of 5G technology.
As Vietnam’s largest foreign investor and top exporter, Samsung is committed to accompanying Vietnam in its sustainable development journey, in line with Prime Minister Pham Minh Chinh’s vision of “harmonious interests and shared risks.”
The company plans to make significant investments over the next three years to transform its factories in Vietnam into the group’s largest global production base for display modules.
Prime Minister Pham Minh Chinh commended Samsung Group for its successful investment and business operations in Vietnam, contributing positively to the development of modern technology applications, foreign trade, and socio-economic progress.
The Prime Minister identified six significant achievements, or “six gains,” in the cooperation between Vietnam and Samsung over the past year, following the meeting between the Prime Minister and the Chairman of Samsung in Hanoi in June 2023, during the state visit of President Yoon Suk Yeol to Vietnam.
These “six gains” include enhanced collaboration and closer ties between the two sides, with frequent meetings between the Prime Minister and Samsung’s leadership; the successful operation of Samsung’s R&D Center; facilitated connections and partnerships between Samsung and Vietnam’s National Innovation Center, especially in talent training; proactive resolution of legal challenges related to Samsung’s operations, both in Vietnam and internationally; robust post-pandemic recovery for Samsung; and a joint focus on future-oriented sectors, including research, development, and emerging fields such as chip semiconductors and AI.
Addressing the concerns of investors, including Samsung, the Prime Minister shared that the Vietnamese government is working on a decree regarding the establishment, management, and utilization of an investment support fund. This fund aims to ensure a stable, competitive, and attractive investment environment in Vietnam, attracting corporations and businesses to invest in encouraged sectors such as high technology, chip semiconductors, AI, and R&D centers. The government is also preparing a decree on direct power purchase mechanisms to facilitate investors’ access to electricity.
The strong political and diplomatic relationship between the two countries provides a solid foundation for Samsung’s cooperation and investment activities in Vietnam. The Prime Minister welcomed Samsung’s future cooperation plans, including new products and outcomes, especially in the fields of digital economy, green economy, and circular economy.
Prime Minister Pham Minh Chinh expressed his hope that Samsung would continue to expand its investments, diversify its supply chains, and consider Vietnam as a strategic production base, as well as a hub for research, development, and the production of key products for the international market. He noted that Vietnam is actively negotiating free trade agreements and expanding into new export markets, such as the Middle East, South America, and Africa, which will also benefit Samsung’s product expansion.
The Prime Minister suggested that Samsung increase localization, assist in enhancing the capabilities of domestic enterprises to effectively participate in the group’s supply chain, and promote collaboration with Vietnamese digital technology companies and partners to develop innovative and breakthrough products.
He also requested that Samsung strengthen the activities of its R&D Center in Hanoi, provide support for high-quality human resource training in emerging fields, and assist Vietnam in promoting innovation, startups, and the application of science and technology.
Additionally, the Prime Minister commended the leadership of Samsung Vietnam for their dedication, enthusiasm, and proactive approach to work, always urging Vietnam to accompany Samsung in its endeavors. He reiterated his hope that, in the near future, a Vietnamese national would join the leadership team of Samsung Vietnam, emphasizing that combining Korean management technology with Vietnamese intelligence would undoubtedly lead to success.
Given the current international context, the Prime Minister acknowledged that any investment and business operation would face challenges and difficulties. However, he emphasized the importance of mutual understanding, open communication, and collaborative problem-solving to overcome these obstacles and build upon the existing cooperation achievements.
The Prime Minister also expressed his appreciation for Samsung Vietnam’s social responsibility initiatives and affirmed that the Vietnamese government would always support, accompany, and create favorable conditions for the group to effectively implement its investment and business plans in the country. He assured that the relevant ministers would be responsible for fulfilling the agreements between Vietnam and Samsung.
In conclusion, Prime Minister Pham Minh Chinh expressed his desire to welcome the Chairman of Samsung in Hanoi, anticipating new products, outcomes, and accelerated development of Samsung in Vietnam.
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