Samsung to invest US$1 billion annually in Vietnam

In 2023, Samsung made additional investments of US$1.2 billion, bringing its total investment in Vietnam to $22.4 billion. The South Korean tech giant plans to further invest $1 billion annually in the country.

Deputy Prime Minister Tran Luu Quang (r) and General Director of Samsung Choi Joo Ho (l). Photos: Nhat Bac

General Director of Samsung Vietnam Choi Joo Ho shared the plan at a meeting with Deputy Prime Minister Tran Luu Quang today [March 4].

At the meeting, Quang commended Samsung's investment activities in Vietnam, which have made a positive contribution to the country's trade balance and economic development.

For his part, Choi noted despite the challenges faced in 2023, with the global economic situation remaining difficult and the global mobile phone market shrinking, Samsung Vietnam achieved revenues of $55.7 billion.

Samsung's R&D center currently employs 2,400 engineers, with Vietnamese engineers playing a crucial role in researching AI features for the new Galaxy S24 phone series, which Samsung highly values for their capabilities, he said.

Overview of the meeting.

Choi expressed gratitude and hoped that the Vietnamese Government would continue to create favorable conditions for Samsung's investment activities in Vietnam, while continuously improving the investment environment and fulfilling commitments to reassure investors operating in Vietnam.

Quang acknowledged Samsung's challenges in 2023, praised the Vietnamese engineering team at Samsung's R&D Center, and expressed confidence that the S24 phone series would boost Samsung's revenue in 2024.

He affirmed that the Vietnamese Government has always been concerned about and prioritized improving the investment environment and promoting transformation to create favorable conditions for foreign enterprises to do long-term business in Vietnam.

Quang proposed that Samsung, leveraging its experience and capabilities, continue to collaborate with the National Innovation Center (NIC) and support Vietnam in realizing the goal of training 50,000 semiconductor engineers by 2030.

Regarding cooperation with NIC, Samsung Vietnam and NIC have signed a Memorandum of Understanding to implement activities for the development of advanced technology for Vietnamese youth - those who will lead the success of the Industry 4.0 revolution in Vietnam in the future.

In terms of workforce training activities, Samsung and the National University of Hanoi have signed a cooperation agreement to train around 40 outstanding students of the National University to become future leaders in the semiconductor field within 4 years.

Choi stated that Samsung will continue to explore opportunities to expand cooperation with NIC and support Vietnam in training the semiconductor industry workforce, emphasizing that Vietnam's development is Samsung's development, and Samsung's development will contribute to the socio-economic development of Vietnam.