In October 2020, Samsung Electronics Vice Chairman Lee Jae-Yong had a meeting with Vietnamese Prime Minister Nguyen Xuan Phuc to discuss possible investment plans. Samsung is the biggest South Korean investor in Vietnam, where it manufactures around half of its smartphones. The Vietnamese prime minister is encouraging the comany to make an additional investment in a semiconductor plant in Vietnam.
The Korean manufacturer currently has four subsidiaries in Vietnam, including Samsung Display Vietnam (SDV), Samsung Electronics Vietnam Bac Ninh (SEV), Samsung Electronics Vietnam Thai Nguyen (SEVT), and Samsung Electronics Ho Chi Minh (SEHC). In the first six months of 2020, the four plants’ combined profit was reported at about USD 1.8 billion.
Recently, the tech giant has also started constructing its first overseas R&D center in Hanoi, with a USD 220 million investment. The new center will create 800 new jobs and boost the company’s research efforts in various emerging technologies such as artificial intelligence (AI) and 5G networks. Construction of the R&D center in Hanoi will be completed by the end of 2022.
(Sources: Business Korea; Hanoi Times; Vietnam Investment Review)