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Samsung keen on Vietnam's telecom sector

Released at: 19:15, 07/10/2017

Samsung keen on Vietnam's telecom sector

Photo: VPG

Chairman & CEO tells PM of plans to move into telecom sector.

by Quynh Nguyen

Samsung is likely to expand its investment in Vietnam’s telecom sector in the near future, in addition to its two major fields of electronic components and mobile phones, Mr. Shin Jong Kyun, Chairman and CEO of Samsung Electronics, said at a meeting with Prime Minister Nguyen Xuan Phuc on October 6.

Ten years on since its first investment in Vietnam, Samsung has invested $17 billion in the country, with 2017 exports expected to top $50 billion, or more than 20 per cent of Vietnam’s total.

The Prime Minister said that cooperation between Vietnam and South Korea continues to see good development in all regards, with this year marking 25 years since the establishment of diplomatic relations.

He appreciates the efforts of South Korean investors, especially Samsung, in maintaining the country’s position as leading foreign investor in Vietnam. The government supports and facilitates foreign investors, including Samsung, to conduct business in Vietnam.

He asked the Group to continue expanding in the country, not only in electronics but also in other fields of strength, and suggested it continue to provide practical support for training and technology transfer to improve conditions in Vietnam.

Mr. Shin Jong Kyun expressed a desire to continue to receive the support of the government so that the Group can contribute more to Vietnam’s economy.

He added that under the Prime Minister’s direction, it has paid great attention to promoting research and development and training Vietnamese engineers to work for the group.

Samsung has also increased the number of Vietnamese enterprises joining its production chain, to 29 support enterprises. The number is to increase to 50 within three years.

He added that Samsung is particularly interested in expanding its investment in the telecom sector.

High technology is a priority field for Vietnam, the Prime Minister emphasized. “The Group can work with the ministries and functional sectors to find solutions to any problems,” he said.

Samsung has six factories in Vietnam, three of which are in northern Bac Ninh province. Total investment stands at $17 billion, with $10 billion disbursed. Its factories employ 136,700 workers.

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