Logo of Phnom Penh Post newspaper Phnom Penh Post - VN backs Samsung’s hi-tech projects

VN backs Samsung’s hi-tech projects

Content image - Phnom Penh Post
Samsung Electronics vice-chairman Lee Jae-yong (left) listens to Vietnamese Prime Minister Nguyen Xuan Phuc during a talk in Hanoi on Tuesday. YONHAP NEWS AGENCY

VN backs Samsung’s hi-tech projects

Vietnam will create optimal conditions for South Korea’s Samsung Electronics to invest in high technology projects, Prime Minister Nguyen Xuan Phuc said on Tuesday.

He made the pledge while hosting a reception in Hanoi for Samsung Electronics vice-chairman Lee Jae-yong, who is on a visit to Vietnam.

At the reception, the Phuc noted that Samsung’s commitments made at their previous meeting during his visit to South Korea last November have been effectively carried out, especially the start of construction of Samsung’s largest research and development (R&D) centre in Southeast Asia in Hanoi in March.

Despite the Covid-19 pandemic, the Korean conglomerate still maintains production and continues contributing to Vietnam’s development, he added.

Phuc informed his guest that the Vietnamese government has allowed Samsung’s affiliate in Ho Chi Minh City to transform into a for-export processing firm in the city’s Saigon Hi-Tech Park as per the request of the municipal People’s Committee, paving the way for the company to expand its scale in Vietnam and raise its global competitiveness.

Noting Samsung’s strengths in mobile phones, semiconductors and electronic appliances, with its mobile phones and electronic appliances manufacturing activities already thriving in Vietnam, Phuc voiced his hope that Samsung will invest in semiconductor production in Vietnam in the near future.

Noting that the domestication rate of Samsung products has been rising, Phuc urged the conglomerate to further help Vietnamese supporting enterprises take part in Samsung’s supply chain and R&D activities in Vietnam.

For his part, Lee expressed his gratitude to Vietnam for facilitating the entry of over 3,000 Samsung engineers and experts for smooth operations of its plants in the country.

He vowed that the Hanoi-based R&D centre will be operational by late 2022 as scheduled and will create jobs for 3,000 engineers, making it the main R&D stronghold of Samsung.

In addition to manufacturing, the conglomerate is teaming up with Vietnamese businesses in software development, he remarked.

Vietnam is currently Samsung’s largest manufacturing base abroad and the company is also the leading foreign direct investment (FDI) source in the country.



  • Phnom Penh unveils rules for post-lockdown transition

    The Phnom Penh Municipal Administration issued a set of detailed guidelines for the seven days to May 12 after the capital emerges from lockdown at the onset of May 6. In the 14-page document signed by municipal governor Khuong Sreng released on the evening of May 5, the

  • SBI LY HOUR Bank Launches Cross Border Money Transfer Service between Cambodia and Vietnam on RippleNet, utilizing DLT

    SBI LY HOUR Bank Plc and Hanoi-based Tien Phong Commercial Joint Stock Bank (TPBank) on Friday launched the first Cambodia-Vietnam money transfer service in real currency via RippleNet, provided by SBI Ripple Asia Co Ltd to provide safe, fast and convenient services. SBI LY HOUR

  • Gov’t issues guidelines as lockdown nears end

    The government has issued a five-page set of instructions to be enforced when the three-week lockdown of Phnom Penh and adjacent Takmao town in Kandal province ends on May 6. According to an announcement signed by Prime Minister Hun Sen on May 4, the instructions cover a

  • Cambodia ready to exit LDC status

    Cambodia is well-prepared to minimise economic risks when it graduates from its Least Developed Countries status, according to a senior official at the Ministry of Commerce on May 7. Four LDCs – Cambodia, Laos, Bangladesh and Nepal – met at a virtual workshop last week to explore potential

  • Tottenham Hotspur to wear ISF Cambodia logo on jerseys in match against Sheffield United

    Last year, the Indochina Starfish Foundation (ISF) – an NGO providing education to underprivileged children in Cambodia – made global headlines with its “socially distanced” football initiative. This year, a world-class football club – Tottenham Hotspur FC – will wear special edition jerseys to show their support for ISF

  • Nine US franchises eye Cambodia debut

    Nine famous US franchising companies are looking for business opportunities and expansion into Cambodia to build a footstep for a strong foundation in Southeast Asia. The US embassy in Phnom Penh, in partnership with the US Foreign Commercial Service and with support from the American