Samsung Adds US$1.2 Bln into Viet Nam Last Year

9:30:11 AM | 1/19/2024

Samsung has been continuously expanding its investment in Viet Nam, pouring additional US$1.2 billion into the country last year.

General Director of Samsung Viet Nam Choi Joo Ho announced the information during his recent meeting with Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc.

Choi said, the recent investment mainly focused on the development of supporting industries, human resources training and cooperation with the National Innovation Center (NIC) to develop smart factories.

The number of Vietnamese enterprises acting as Samsung's tier-1 suppliers has seen a 12-fold increase over the past nine years, from 25 in 2014 to 306 in 2023, he noted.

As of July 21, 2023, Samsung poured US$20 billion in Viet Nam. Samsung's total workforce in the country is about 100.000 people working in Ha Noi, Ho Chi Minh City, Bac Ninh province and Thai Nguyen province.

The Korean tech giant officially invested in Viet Nam in 2008 with the construction of a Samsung Electronics mobile phone factory in Bac Ninh province.

Currently, more than 50 percent of Samsung phones sold worldwide are "Made in Viet Nam" products.

Samsung Viet Nam's four factories recorded a revenue of nearly US$71 billion in 2022, accounting for 30 percent of the Group's global revenue. The four factories posted a profit of US$4.6 billion, according to its report.

Source: VGP