Vietnam has been recently recognized as “the world’s new production base” as the country continues recording optimistic export turnover and huge FDI inflows. In a report released by Savills, the Southeast Asian nation has been shifting from an economy with labor-intensive industries to high-value industries.
For several years, Intel, Samsung, and LG have been considered leading investors in Vietnam, followed by recent newcomers such as Foxconn, Luxshare, Winston, Compal, Pegatron, etc. These companies, especially Samsung, continuously expand their business to increase production capacity and transform the country into a primary manufacturing hub.
Since 2008, Samsung has poured USD 19.2 billion into Vietnam to construct and develop three state-of-the-art complexes in Bac Ninh, Thai Nguyen, and Ho Chi Minh City. In addition, the South Korean corporation also invested USD 220 million in a new Research and Development in the capital Hanoi, which is expected to be completed in 2022.
In February 2022, Samsung signed a Memorandum of Understanding on cooperation in smart factory development with the Ministry of Industry and Trade. The company targets to train 100 Vietnamese professionals and assist 50 firms implementing Smart Factory solutions in two years to improve their consulting competence and production operation capacity. The project is also the latest program in a series of innovative consulting activities in Vietnam to support industry development activities.