Samsung plans to increase its investment in Vietnam to $20 billion in the near future, according to Vice Chairman and CEO of Samsung Electronics Han Jong-hee.

He revealed the plan at a meeting on December 6 with State President Nguyen Xuan Phuc, who is paying an official visit to the Republic of Korea.

Samsung’s R&D center, he said, has been completed and will be put into operation soon.

President Phuc congratulated Samsung Electronics on its successful business performance in Vietnam, with current capital of $18 billion and export revenue of $65.5 billion in 2021.

He lauded the firm’s plan to increase its investment in Vietnam, expressing a hope that it will continue to invest in supporting industries and smart technology, thus turning Vietnam into a new production hub and a venue for new technologies.