Prime Minister Pham Minh Chinh received Executive Chairman of Samsung Electronics Lee Jae Yong in Seoul on July 2, as part of his ongoing official visit to the Republic of Korea (RoK), according to a report from the Vietnam News Agency (VNA).

Samsung, a multinational electronics firm of the RoK with revenue reaching about $210 billion in 2023, has invested $22.4 billion in Vietnam and created jobs for about 90,000 workers, the news agency revealed.

Mr. Lee was quoted by the news agency as thanking Vietnamese authorities for their support for Samsung, especially during the COVID-19 pandemic, as well as new policies that the Vietnamese Government is about to apply to continue supporting investors in priority sector.

He said that after 16 years of its presence in Vietnam, 310 Vietnamese enterprises have become partners in Samsung’s production chain. Samsung’s Research and Development (R&D) Centre in Hanoi is employing 2,500 engineers and researchers.

As the largest foreign investor and biggest exporter of Vietnam, Samsung commits to accompanying Vietnam in the sustainable development following the motto of “harmonized interests, shared risks” that PM Chinh has repeatedly mentioned, Mr. Lee said and revealed Samsung’s plan to make strong investment in the next three years to turn its Vietnam factory into the largest display module production base of the group globally.

PM Chinh lauded business outcomes of Samsung in Vietnam as well as its contributions to the development of products applying modern technology, import- export and socio-economic development of Vietnam, the news agency reported.

Listing six outstanding points in the cooperative relationship between Vietnam and Samsung in the past year after his meeting with the Samsung Chairman in Hanoi in June 2023 on the occasion of the state visit of RoK President Yoon Suk Yeol to Vietnam, the government leader said that Vietnam is building a decree on the establishment, management, and use of the Investment Support Fund to ensure the stability, competitiveness, and attractiveness of Vietnam's investment environment, attracting investors to major projects in investment luring areas such as high technology, semiconductor chips, AI, and R&D center building.

The Vietnamese Government also plans to issue a decree on direct electricity trading mechanism, creating favorable conditions for investors in the field of power supply, the PM added.

Highlighting the sound political-diplomatic relations between the two countries, PM Chinh welcomed Samsung’s future cooperation intentions with new products and new achievements, creating breakthroughs in the partnership in the fields of digital economy, green economy, and circular economy. He said he hopes that Samsung will continue to increase investment, expand markets, and diversify supply chains and linkage chains, taking Vietnam as a strategic base for production, R&D activities, and development of key products for international markets.

Vietnam is negotiating new free trade deals, expanding its export markets to the Middle East, South America, and Africa, which will help Samsung products reach new markets, the PM said, suggesting that Samsung increase the localization rate and support Vietnam to further improve the capacity of domestic enterprises to be able to participate more effectively in the group's value chain, while helping digital technology businesses and Vietnamese partners to become those in Samsung's ecosystem to research and develop new breakthrough products.

He also proposed that Samsung promote activities of its R&D center in Hanoi, and assist Vietnam in high quality human resources in emerging sectors, supporting Vietnam in promoting innovation, startups, research, and application of science and technology.

PM Chinh said he hopes that in the near future, there will be Vietnamese people joining the board of directors of Samsung Vietnam.

The leader pledged that the Vietnamese Government will always support, accompany, and create the best conditions for the group to have effective, successful and sustainable operations in Vietnam.