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Samsung Intends to Expand in Vietnam

Well-known Chinese news site NetEase recently reported that Samsung’s CEO Koh Dong-jin told Vietnamese Prime Minister Nguyen Xuan Phuc of his intent to expand the scale of Samsung’s manufacturing in Vietnam. Samsung is Vietnam’s largest foreign investor. In 2017, Samsung Vietnam achieved US$54 billion in exports for Vietnam. This amounted to one quarter of the nation’s total export income. According to the Vietnamese government, Samsung has established eight manufacturing factories and one research and development (R&D) center in Vietnam. The total investment from Samsung has reached US$17.3 billion. Vietnam is now Samsung’s largest smartphone manufacturing base. Prime Minister Nguyen also assured Koh with his promise of providing Samsung with the best investment environment for growth. Samsung currently has plans to hire more local Vietnamese workers in Northern Vietnam. Not long ago, Samsung completely closed down its Shenzhen branch in China.

Source: NetEase, April 21, 2018