Samsung exposed interests in Vietnam’s telecommunications sector

By Nga Vu - Oct 09, 2017 | 07:33 AM GMT+7

TheLEADERSamsung Group has exposed its interest in investing in Vietnam's telecommunications sector, reconfirming its status as the largest foreign investor in Vietnam.

Samsung exposed interests in Vietnam’s telecommunications sector
Prime Minister Nguyen Xuan Phuc received Samsung's leader

According to the online newspaper of the Government, Prime Minister Nguyen Xuan Phuc received Shin Jong Kyun, President of Board of Directors and CEO of Samsung Electronics Co., Ltd., on October 06.

Phuc affirmed that Vietnam always supports and creates favorable conditions for foreign investors, including Samsung, to do their business in Vietnam.

Phuc expressed the desire that Samsung will continue expanding its investment in Vietnam, not only in electronic sector but also in other sectors which Samsung is strong. 

Shin said that Samsung is very interested in investment in Vietnam’s telecommunications sector. The number of Vietnamese level-1 suppliers joining Samsung’s production chain will be raised to 29 by the end of this year and to 50 in next three years.

PM Phuc suggested that Samsung should continue to provide practical support for training and technology transfer to create favorable conditions for Vietnam's supporting technology enterprises, especially small and medium enterprises, to supply materials and components for Samsung’s projects.

"Hopefully, we will be always supported and eyed by Vietnam’s Government so that Samsung can contribute more to the development of Vietnam," said Shin, adding that without the support of Vietnam’s Government and ministries, Samsung would not be successful as today”.

As directed by Vietnam’s Prime Minister, Samsung has focused on boosting research and development and training Vietnamese staff and engineers working in the Group. Many Vietnamese engineers have been sent to Korea for training, Shin said.

Considering high technology as a priority sector for development of Vietnam, Phuc stressed that in case of difficulties and obstacles, Samsung can exchange and work with the ministries and functional department of Vietnam, "We are always ready to deal with”.

After 10 years of investment in Vietnam, to date, the total investment of Samsung Group has reached US$17 billion. Samsung Group’s export turnover is expected to reach more than US$ 50 billion in 2017, accounting for over 20 percent of Vietnam's export turnover.