70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Corporate News
Samsung assists Vietnam in smart factory development
Hai Yen 14:40, 2022/02/23
The South Korean tech giant would support the training of 100 experts and assist 50 local companies in applying the model of the smart factory in Vietnam.

The Ministry of Industry and Trade (MoIT) on February 22 signed a cooperation agreement with Samsung Vietnam in the execution of a smart factory development project in the 2022-2023 period.

 Samsung will support Vietnam in smart factory development in the 2022-2023 period. 

“Vietnam’s participation in the project would help enhance the efficiency, corporate governance capabilities, and the status of businesses, eventually forming alliances in the digital industry sector,” stated Minister of Industry and Trade Nguyen Hong Dien at the launch.

Under the project, Samsung would support the training of 100 experts and assist 50 local companies in applying the model of smart factory to expand production capacity based on digital technologies, with the majority operating in fields of packaging, mechanical engineering, or plastic production.

“The project would help take Vietnam’s industrial sector to a new level. Trainees and companies participating in the project would be equipped with the necessary knowledge and skills to support Vietnamese businesses enhance competitiveness and further integrate into the global value chains,” he said.

A recent study suggested the application of the smart factory model would help firms reduce cost, delivery time and enhance productivity by 30%.

According to Dien, the MoIT has been working with multinationals and large-scale foreign-invested corporations in Vietnam to improve production capacity, enhance competitiveness, and the quality of workforce for enterprises in the industrial sector, especially in manufacturing, processing, and supporting industries.

The move is particularly significant, given the slow progress of digital transformation among industrial companies, Dien said, not to mention the low readiness for the 4.0 technologies application in production/business activities.

“The majority of businesses are facing barriers in terms of lacking digital workforce, capabilities, mindset, or an IT foundation,” he continued.

Meanwhile, Industry 4.0, digitalization, and the promotion of smart factories among enterprises globally have fast become an obvious trend for the future.

Dien expected the process to help businesses optimize costs and efficiency for greater resilience against economic uncertainties from the pandemic.

General Director of Samsung Vietnam Choi Joo Ho said experts from Samsung Corporation would provide hands-on instruction for companies and participants in the project, with an aim for these companies to soon become main vendors of parts and accessories for the South Korean corporation.

Choi called for the Vietnamese Government to continue providing incentive policies for local firms to boost competitiveness.

RELATED NEWS
TAG: Samsung Vietnam smart factory vietnam South Korea Vietnam
Other news
21:39, 2024/05/27
Techcombank wins awards for excellence from The Asian Banker
The Vietnamese bank earns a string of awards from the prestigious financial platform.
22:32, 2024/04/02
Vingroup chairman still Vietnam’s wealthiest businessman: Hurun report
All Vietnamese billionaires advance in the Global Rich List 2024, announced by research firm Hurun.
15:48, 2024/03/26
50 business leaders discuss future of AI at international conference ICISN 2024
This year's theme, 'Applying AI for Smart Solutions,' encompassed two focused discussions on the impact of Artificial Intelligence technology across various fields.
17:51, 2024/03/19
Maersk plans to build Vietnam’s largest deep-water port
Vietnam's commitment to net-zero greenhouse gas emissions at COP26 is also aligned with the A.P. Moller Maersk Group's development of green fleets and green ports.
15:47, 2024/01/31
FPT Long Chau forms partnership with IHH Healthcare Singapore
This initiative aims to bring advanced medicine closer to the Vietnamese people, fulfilling the mission of making comprehensive healthcare available to the population.
23:43, 2024/01/17
New agreement enhances Vietnam-Singapore tourism cooperation
Vietnam is one of the top 10 source markets for Singapore.