Vietnam seek Samsung’s strategic partnership for semiconductor industry advancement

HANOI, Jan 23: Vietnam expressed its aspirations for Samsung to become a strategic investor as the country is formulating a strategy to advance its semiconductor industry and foster innovation.

Vietnam’s Deputy Minister of Planning and Investment, Nguyen Thi Bich Ngoc said this during her meeting with the General Director of Samsung Vietnam, Choi Joo Ho.

Ngoc commended the South Korean group for its impactful projects in Vietnam and its significant contributions to local socio-economic development.

She urged Samsung to continue aiding Vietnam in enhancing the capabilities of domestic businesses to participate in its supply chain.

Ngoc also proposed close collaboration with her ministry to effectively operate training centres at the National Innovation Centre (NIC).

The Ministry of Planning and Investment, in conjunction with relevant agencies, will promptly formulate policies aligning with international and Vietnamese regulations to safeguard the interests of all parties.

Ngoc reiterated the Vietnamese Government’s dedication to creating a more favourable and attractive business and investment environment for foreign investors.

Meanhile, Choi shared that Samsung is consistently expanding its investments in Vietnam, having added approximately US$1.2 billion last year.

The company focuses on developing supporting industries and plans to strengthen collaboration with the NIC, operating a lab for innovation and information technology, training technology talent, and supporting startup businesses.

As of late 2023, Samsung’s investments in Vietnam exceeded US$20 billion, and over 50 per cent of Samsung products sold globally are manufactured in Vietnam.