Samsung Expands Investment in Vietnam with $1 Billion Annual Commitment

Samsung Expands Investment in Vietnam with $1 Billion Annual Commitment

HANOI: Samsung Electronics is significantly expanding its footprint in Vietnam, underscoring the country’s growing appeal as a hub for high-tech manufacturing.

The company has committed to an annual expenditure of $1 billion in Vietnam, further cementing its substantial investment in the region.

This decision follows a meeting between Samsung’s CFO, Park Hark-kyu, and Vietnam’s Prime Minister to discuss future collaborations, building on Samsung’s existing $22.4 billion investment in the country.

“In the past decade, the number of Vietnamese companies working with Samsung Electronics has increased over 12-fold, from 25 firms in 2014 to 309 companies now,” noted Park Hark-kyu.

This significant growth reflects Vietnam’s evolving role in the global tech manufacturing landscape.

The Vietnamese Prime Minister assured Samsung of continuous government support for their operations and sustainable growth.

He urged the company to view Vietnam as a strategic manufacturing and export hub, emphasizing the country’s active participation in various trade partnerships.

The Prime Minister also commended Samsung for its investment in a research and development center, encouraging the company to increase collaboration with local tech firms and support startups and training initiatives.

Samsung’s expanding investment in Vietnam not only underscores the country’s growing importance in the global supply chain but also reflects a broader trend of tech giants seeking diversified manufacturing bases.

With the Vietnamese government’s strong support and Samsung’s commitment, the partnership is poised to drive significant advancements in technology and manufacturing in the region.

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