Vietnam ensures optimal conditions for Samsung’s operations: Deputy PM

Friday, 2018-12-21 22:15:01
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Deputy PM Vuong Dinh Hue (right) receives outgoing General Director of Samsung Vietnam Shim Won Hwan.
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NDO/VNA – Deputy Prime Minister Vuong Dinh Hue hosted a reception for outgoing General Director of Samsung Vietnam Shim Won Hwan and Shim’s successor Choi Joo Ho in Hanoi on December 21.

The deputy PM spoke highly of the contributions of Samsung Vietnam and Shim in particular to the socio-economic development of Vietnam.

He expressed his hopes that the firm’s new head, Choi Joo Ho, will have a successful office tenure in the country and keep in close coordination with the Vietnamese government during the firm’s operation.

The Vietnamese Government will provide optimal conditions for Samsung to turn Vietnam into the firm’s global production hub, Deputy PM Hue said.

According to Shim, Samsung Vietnam’s export revenue this year is estimated to grow 12% to reach US$60 billion, accounting for about 25% of Vietnam’s total exports.

He affirmed that Samsung will carry on implementing its strategy of long-term investment in Vietnam as it considers the nation its largest global production hub, with Samsung Thai Nguyen being the firm’s biggest factory worldwide.

So far, Samsung has disbursed over 90% of the US$17.3 billion that it had registered to invest in Vietnam, Shim noted, adding that a network connecting Samsung and its subsidies with Vietnamese enterprises has been formed.

He expressed his hopes that the Vietnamese Government will continue backing the firm’s operations in the future.

Deputy PM Hue said that in 2018, Vietnam fulfilled all socio-economic targets for the whole year with a GDP growth of 6.9-7% and import-export revenue of US$480 billion, up 13% year-on-year.

The contributions that Samsung has made to the growth of Bac Ninh, Thai Nguyen, and Ho Chi Minh City where its factories are located are substantial, helping to greatly improve the nation’s economic results, he noted.

After 30 years of attracting foreign direct investment, Vietnam is moving to prioritise projects with a high connectivity capacity that can support Vietnamese firms to join the global value chain, the deputy PM said.

He suggested that Samsung pay more attention to development research with a base in Hanoi, developing semiconducting technology in Vietnam, and enhancing the localisation ratio of its products.

The Vietnamese Government will soon issue a policy to promote the growth of its value chain, determined to reinforce the macro-economic foundations for the growth of local businesses, he stressed.

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