As of present, 58% of Samsung's global smartphone sales globally come from its production facilities in Vietnam, according to Prime Minister Nguyen Xuan Phuc.

Illustrative photo.

In 2008 - 2018, Samsung increased its investment in Vietnam from US$670 million to over US$17.3 billion, a 26-fold increase. According to Samsung's statistics, around 50% of the giant's smartphones and tablets are produced in Vietnam and exported to 128 countries and territories, including the US, Europe, Russia and Southeast Asia.

Last year, Samsung’s combined revenue in the global market reached US$221.6 billion, slightly up from US$217.8 billion in 2017, while after-tax profit increased from US$38.3 billion to US$40.3 billion. 

Revenue and profit of Samsung globally in the January – August period this year were estimated at US$95 billion and US$8.9 billion, down 9% and 55% year-on-year, respectively. 

In spite of declines in profits, as both Samsung and Apple launched their flagship products in the third quarter of 2019, overall revenue and profit of Samsung, and its subsidiaries in Vietnam in particular, could receive big boost in the remaining two quarters. 

Samsung’s flagship Galaxy Note 10 Plus, which was launched in August, was named as one of best phones of 2019 by CNET.

In an interview with South Korean’s media before departing to South Korea for the ASEAN – South Korea summit and official visit, Vietnamese Prime Minister Nguyen Xuan Phuc said Vietnam continues to encourage South Korean investors to expand operations in Vietnam, particularly in supporting industries, electronics, energy, hi-tech, smart city, innovation startup. The government also supports local partners to join South Korean companies’ global value chains.

Phuc added the fact that South Korea is Vietnam’s top investor with the presence of major conglomerates is evidence of the country’s huge potential for development.

The Vietnamese government is committed to ensuring a transparent and fair business environment, at the same time improving human resources and infrastructure system to support foreign enterprises, including those from South Korea, to do businesses in the country.

Economic cooperation is one of the major pillars in the Vietnam – South Korea relations, stated Phuc. Bilateral trade in 2019 is estimated at US$67 billion, accounting for 40% of total trade turnover between ASEAN and South Korea.

Vietnam and South Korea are targeting US$100 billion bilateral trade by 2022, Phuc noted.