PM values Samsung’s investment in VN

12:00 | 28/07/2017

PM Nguyen Xuan Phuc highly valued Samsung’s investment activities in Viet Nam, with its high registered capital and disbursement ratio, as well as its commitment to exporting over US$50 billion worth of products this year.

Photo: VGP

Addressing a working session with the Samsung Electronics Viet Nam Thai Nguyen (SEVT) on July 26, the Government leader said he was impressed by Samsung’s operations, which focus on not only assembly but also research and development (R&D) in Viet Nam.

He hailed the firm for paying attention to training officials and workers, improving the living conditions of employees and obtaining an impressive localization rate of 57% for its products.

Thanking Samsung for its contributions to Viet Nam’s development, PM Phuc asked the company to remain as a role model in conducting long-term business in the country, and to continue caring for the living conditions of workers and environmental protection whilst setting an example for other businesses in the issue.

Samsung was also encouraged to create conditions for Vietnamese businesses to participate in providing it with other necessary services.

Concerning the issue of Samsung washing machines manufactured in Viet Nam under a dumping investigation in the U.S. market, the PM voiced his support for Samsung and assigned the Ministry of Industry and Trade to carry out the necessary procedures to protect the business as well as its achievements in Viet Nam.

SEVT is a member of Samsung Electronics Viet Nam, which has contributed over 20% of the country’s total export revenues.

Since it began operations in 2014, SEVT has expanded its staff by 700 times, to 66,500 employees, and increased its capital and revenue by 250 times, to US$5 billion and US$20.4 billion, respectively.

In 2017, Samsung Viet Nam is targeting an export turnover of US$50 billion and a localization rate of 57% for its products, with 215 Vietnamese suppliers.

VGP/VIR