The Government News on January 18 quoted General Director of Samsung Vietnam Choi Joo Ho as announcing at his recent meeting with Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc that Samsung had poured an additional $1.2 billion into Vietnam in 2023.

As of July 21, 2023, Samsung had invested a total of $20 billion in the country, where it has four factories employing about 100,000 workers.

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

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

Samsung officially invested in Vietnam in 2008, with the construction of its first electronics mobile phone factory in northern Bac Ninh province.

More than 50 per cent of Samsung phones sold worldwide are “Made in Vietnam” products.

Its four factories posted revenue of nearly $71 billion in 2022, accounting for 30 per cent of the Group’s global revenue. The factories posted profits of $4.6 billion, according to its report.