Vietnamese Prime Minister Pham Minh Chinh Visiting Korea
"Creating Favorable Conditions for Samsung's Vietnam Business"
Vietnamese Prime Minister Pham Minh Chinh, currently on a visit to South Korea, visited Samsung Electronics' Pyeongtaek campus on the 3rd to discuss semiconductor cooperation measures and requested an expansion of investment.
Vice Chairman Jeon Young-hyun, head of Samsung Electronics' DS Division (left), and Vietnamese Prime Minister Pham Minh Chinh are meeting and greeting at the Samsung Electronics Pyeongtaek Campus on the 3rd. [Image source=Yonhap News]
According to the Vietnamese government gazette and local media on the 4th, Prime Minister Chinh visited the Pyeongtaek campus the previous day, touring the semiconductor production lines with Samsung Electronics executives including Vice Chairman Jeon Young-hyun, head of the DS Division, and Park Hak-gyu, President and Chief Financial Officer (CFO) of the Management Support Office. The Pyeongtaek campus is Samsung Electronics' semiconductor production complex, where overall production including memory and foundry (semiconductor contract manufacturing) takes place.
Vietnam has recently been striving to attract investment in the semiconductor industry. During the tour of the production lines, Prime Minister Chinh examined the current semiconductor technology status and reportedly requested Samsung Electronics to expand its investment in Vietnam. He also highly praised Samsung for contributing to the local socio-economic development by increasing investments in Vietnam over the past 20 years.
He stated, "We will create a favorable environment so that Samsung can continue its business in Vietnam," adding, "Vietnam plans to prioritize the development of the semiconductor and artificial intelligence (AI) industries in the future." He further said, "We will support policy and institutional improvements, training of high-level personnel, and infrastructure development for companies investing in the semiconductor industry."
Earlier, on the 2nd, Prime Minister Chinh met with Samsung Electronics Chairman Lee Jae-yong in Seoul. At that meeting, he also requested Samsung to expand investment and supply chains in Vietnam. He expressed intentions to strengthen the capabilities of Vietnamese companies to support Samsung’s business as partners in Samsung’s supply chain and ecosystem.
Chairman Lee said, "Vietnam’s success is Samsung’s success, and Vietnam’s development is Samsung’s development," expressing gratitude for the Vietnamese government’s support. He also stated, "Samsung plans to significantly increase investment over the next three years to elevate Samsung Vietnam as the largest global production base for Samsung’s display modules." His remarks are interpreted to be related to Samsung Display establishing a post-processing line for laptop panels in Vietnam.
Samsung first entered Vietnam in 1989 by establishing a Samsung C&T trading office in Hanoi. It currently produces smartphones, network equipment, TVs, and displays in Ho Chi Minh City, Bac Ninh, Thai Nguyen, and other locations. Samsung’s cumulative investment in Vietnam amounts to approximately $22.4 billion. Last year, Samsung Vietnam’s export value reached about $55.7 billion.
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