Samsung has Invested More Than $ 17 Billion in Vietnam

Samsung has become the largest FDI investor in Vietnam with a total registered capital of US$ 17.3 billion, contributing positively to Vietnam's economic growth.

According to data from the Government Information Portal, on November 16 at the headquarters of the Government, Deputy Prime Minister Vuong Dinh Hue received Mr. Shim Wonhwan - General Director of Samsung Vietnam.

Mr. Shim Wonhwan said that the expansion of Samsung's plant in Vietnam is proceeding smoothly. Export turnover of Samsung is currently reached $ 44 billion, expected to hit over $ 50 billion at the end of the year.

Currently the number of employees working directly in Samsung's plant in Vietnam is 160,000. This number will be up to 180,000 if including indirect workers, excluding employees working in the Samsung supply units

If only four enterprises were Samsung's first-tier suppliers in 2014, it is already 29 in 2017 and Samsung sets a target by 2020 this number will be 50.

With projects in Bac Ninh, Thai Nguyen and Ho Chi Minh City, Samsung has become the largest FDI investor in Vietnam with a total registered capital of $ 17.3 billion, contributing positively on growth and overall trade balance of Vietnam. Samsung's operations in Vietnam have contributed to job creation and labor restructuring in Vietnam, especially in the local projects.

It is reported that Samsung's total tax payment in 2014 is $ 165 million, $ 186 million in 2015, $ 300 million in 2016 (equivalent to about 6,750 billion) and the first half of 2017 is $ 186 million (equivalent to 4.185 billion).

Samsung has designed a detailed program to foster Vietnamese enterprises to become their suppliers by organizing workshops, exhibitions of supporting industries to search for suppliers, sending South Korean experts to directly advise business fields, improving the capacity of enterprises which have the potential to become a supplier.

For more businesses to be consulted and supported, Samsung targets 2019 will train consultant experts from Vietnam and plan is currently implementing with the Ministry of Industry and Trade.

In addition, Samsung attaches great importance to the training of skilled human resources through training courses for its employees; Taking skilled technicians to train in Korea who could take the world skills exam.

Deputy Prime Minister assessed that Samsung was a successful example of foreign investment in Vietnam, a good one in the connection between Vietnamese businesses and foreign investors, spreading the influence to the development of supporting industries in Vietnam

He expressed wishes that Samsung could expand its investment to other areas of strength such as energy, port infrastructure, marine, science, technology, healthcare, and the development of payment companies, strengthening the program of Vietnamese enterprises development in the supply chain of Samsung, increasing the localization rate and paying attention to the use of female workers who is over 35 years old.

Source: The Economics and Urban

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