Samsung to invest one billion dollars annually in Vietnam
Samsung’s broadening of its footprint in Vietnam is indicative of the country’s growing relevance as an attractive destination housing high tech manufacturing hub
Samsung Electronics has committed to an annual expenditure of $1 billion in Vietnam. The firm’s CFO, Park Hark-kyu, recently met with Vietnam’s Prime Minister to discuss future collaborations, building on their existing $22.4 billion investment. Park stated how “in the past decade, the number of Vietnamese companies working with Samsung Electronics has increased over 12-fold, from 25 firms in 2014 to 309 companies now”.
The Vietnamese Prime Minister also assured Samsung of continuous government support for their operations and sustainable growth. He urged the company to view Vietnam as a strategic manufacturing and export hub, given its participation in various trade partnerships. Commending Samsung for its R&D center investment, the PM encouraged increased collaboration with local tech firms alongside seeking support for startups and training initiatives.
Why does it matter?
Samsung’s broadening of its footprint in Vietnam is indicative of the country’s growing relevance as an attractive destination housing high tech manufacturing hub, especially in the backdrop of the current global push for supply chain diversification.
About author
DW Team
The GIP Digital Watch Observatory team, consisting of over 30 digital policy experts from around the world, excels in the fields of research and analysis on digital policy issues. The team is backed by the creative prowess of Creative Lab Diplo and the technical expertise of the Diplo tech team.