Samsung: Vietnam an important manufacturing and research hub
In 10 years, Samsung has increased its investment capital in Vietnam from US$670 million in 2008 to over US$17.3 billion in 2018.
"In Samsung's development strategy, Vietnam plays an important role of not only a manufacturing hub, but also in research and development," said Shim Won Hwan, Samsung Vietnam's CEO at the 10th anniversary of Samsung Electronics Vietnam establishment on April 20.
Samsung: Vietnam an important manufacturing and research hub.
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Among those 8 manufacturing plants, 02 are the world's largest smart phone production and 01 largest plant in Southeast Asia on consumer electronics products production.
Samsung will recruit more Vietnamese employees and develop electronics in smart cities in Bac Ninh province and other places, according to a statement posted on the government's website.
Recently, Samsung Vietnam has announced the launch of a scholarship program worth up to VND6 billion (US$262,800) to support 6 local universities in the effort of developing human resources speaking Korean. The program will be carried out annually.
This is in line with Samsung's effort in increasing the number of Vietnamese enterprises to take part in its supply chain to 29 tier 1 vendors by the end of this year. After 3 years, the number is expected to rise to 50 enterprises. Currently, a total of 215 enterprises, including 25 tier-1 vendors and 190 tier-2 vendors, are currently participating in the supply chain for Samsung's factories in Vietnam. Samsung Vietnam has achieved a significant breakthrough in increasing the localization rate of its products from 35% in 2014 to 57% at present.
In 2017, Vietnam's export turnover reached over US$200 billion, in which Samsung alone contributed in exceed of US$54 billion, accounting for more than 25% of Vietnam's total export turnover.
Since its first manufacturing plant of Samsung Electronics Vietnam in Bac Ninh went into operation, Samsung's total investment in Vietnam has increased 26 folds to over US$17.3 billion.
In the last 25 years, economic, trade and investment cooperation between Vietnam and Korea has been on the rise, assessed the Deputy Prime Minister Pham Binh Minh at the event, thus, taking Korea to be the largest foreign investor in Vietnam in electronics, energy, automobile industry and construction.
Minh stated the government will continue accompany foreign direct investment (FDI) enterprises, including enterprises from Korea and Samsung Vietnam.
At present, 50% Samsung's tablets and smart phones are produced in Vietnam and exporting to 128 countries and territories.
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