Samsung Electronics Plans to Invest Around USD 1 billion Annually in Vietnam

Jun 2024

Samsung Electronics has committed to increasing its annual investment in Vietnam to USD 1 billion, recognizing the country as a crucial manufacturing hub in the region. As Vietnam’s leading foreign investor, Samsung Electronics aims to strengthen its investment ties with the country, which produces half of Samsung’s smartphones.

Samsung Electronics has invested USD 22.4 billion in Vietnam to date and has incorporated 309 Vietnamese companies into its supply chain, marking a more than 12-fold increase since 2014. It has expanded its local operations from manufacturing plants for smartphones to research and development facilities. Recently, the tech giant has been assisting local firms in joining its global production and supply chain network.

Vietnam is vital to the operations of Samsung Electronics and other Samsung subsidiaries in Southeast Asia. The country’s authorities also encouraged the Korean tech giant to maintain Vietnam as a strategic base for manufacturing and exporting key products to global markets, citing Vietnam’s membership in various trade agreements.

Samsung Electronics first entered Vietnam in 1989 by opening Samsung C&T’s trading office in Hanoi and later established its TV sales operations in Ho Chi Minh City in 1995. In 2008, the company laid the foundation for Vietnam as a key manufacturing hub by setting up a smartphone factory in Bac Ninh in the northern region. Today, Vietnam produces half of Samsung Electronics’ smartphones.

Recently, Samsung Electronics invested USD 220 million to build a research and development facility in Hanoi focused on electronic devices and network technologies, making it the first foreign company to establish a comprehensive research center in Vietnam.

(Source: Korea Post)

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