Samsung denies bringing 200 foreign suppliers into Vietnam
Companies moving their businesses into Vietnam are not for Samsung to decide, but are entirely based on their own decisions and capacities.
Samsung Electronics Vietnam on July 4 denied inviting 200 foreign suppliers to participate in the component supply chain used by its plants in Vietnam, refuting a previous statement by by Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc.
Illustration photo.
|
"It is not true that Samsung has invited them or intends to bring foreign companies into Vietnam to join our chain. Companies' decision to move their businesses into Vietnam are entirely based on their own decision," Samsung added.
Currently, around 200 tier-1 vendors are joining Samsung's supply chain in Vietnam, including 29 Vietnamese companies.
The number of Vietnamese suppliers is expected to rise to 50 by 2020. To make it happen, Samsung has been supporting local firms in acquiring expertise from South Korean experts and improving their capacities.
Samsung`s four subsidiaries in Vietnam posted a combined revenue of VND405 trillion (US$20.5 billion) and profit of VND41.1 trillion (US$2.08 billion) in the first quarter this year, both increasing 50% year-on-year, according to the companies's quarterly financial statements.
Among those four, Samsung Display Vietnam (SDV) witnessed the highest growth rate in terms of revenue. Compared to the same period of last year, the company's revenue increased by 50% and its profit rose seven-fold.
The other three companies are Samsung Electronics Vietnam Bac Ninh (SEV), Samsung Electronics Vietnam Thai Nguyen (SEVT) and Samsung Electronics Ho Chi Minh (SEHC).
In just a decade, Samsung has increased its investment capital in Vietnam from US$670 million in 2008 to over US$17.3 billion in 2018.
In 2017, Vietnam's export turnover reached US$214 billion, of which Samsung alone contributed over US$54 billion, accounting for one fourth of the total.
14:43, 2024/11/18
Aircraft manufacturer Embraer seeks comprehensive aviation partnership with Vietnam
The Vietnamese leader urges the aircraft manufacturer to collaborate on technology transfer, airport construction and operation, research, and investment in Vietnam.
21:55, 2024/10/22
Better links with FDI firms to support Hanoi businesses
Hanoi will continue to focus on quality projects, especially with partners such as Japan, the United States, and Europe to boost technology transfer.
15:24, 2024/09/24
Vietnam calls for more US investment in innovation, hi-tech
The Vietnamese leader called on relevant agencies to resolve any challenges faced by investors and enhance the investment climate to encourage greater US investment in Vietnam.
14:13, 2024/09/23
Vietnamese leader urges Boeing to build production facility in Vietnam
Boeing is committed to continuing to support the development of Vietnam's aviation ecosystem, focusing on aviation infrastructure, human resources training, airport construction, and aircraft maintenance facilities.
14:38, 2024/09/17
Foreign capital pouring into Vietnam's real estate market
Experts are optimistic that the 2024 Land Law, once enacted, will help resolve legal bottlenecks and attract more FDI.