Prime Minister Pham Minh Chinh (right) hosts a reception for Samsung Chief Financial Officer ark Hark-kyu at the Government Office in Ha Noi, May 9, 2024. Photo: VGP

The government leader applauded Samsung's efforts and determination while doing business in Viet Nam.

The host and guest noted with satisfaction that the Viet Nam – South Korea comprehensive strategic partnership is growing strongly, political trust between the two countries unceasingly enhanced, and cooperation in various areas flourishing, especially in politics, economy, culture, and people-to-people exchanges, which form an important foundation for Samsung to expand investment in Viet Nam.

Prime Minister Pham affirmed that the Vietnamese Government always attaches importance to improving the investment climate and pledges to create favourable conditions for long-term operations of foreign enterprises.

It will continue providing optimal conditions for the projects of Samsung to operate fruitfully and develop sustainably in Viet Nam in the spirit of harmonizing interests and sharing risks, he stated.

For his part, Park noted Samsung has invested US$22.4 billion in Viet Nam so far and plans to add about US$1 billion to its investment in the Southeast Asian country annually.

Aside from research, development, manufacturing, and export of electronic and high-technology products, the group has also been investing in supporting industries and manpower training for Vietnamese companies, and helping local firms to engage in its production and supply chain, he said.

Samsung hopes to continue developing to contribute to Viet Nam's foreign trade and economic growth, the CFO added.

Appreciating Samsung's building of an R&D centre and participation in manpower training in Viet Nam, Pham asked the group to coordinate closely to effectively run the training centres based at the National Innovation Centre (NIC), step up cooperation to turn digital technology enterprises of Viet Nam into partners in its ecosystem, increase investment in and expand the R&D centre, and boost assistance for startup, innovation, and manpower training in the country.

He also welcomed Samsung's production and business plan, calling on it to continue helping Viet Nam further improve domestic companies' capacity so that they can join in Samsung's supply chain more effectively.

Samsung should continue seeing Viet Nam as a strategic base for manufacturing and exporting its key products to international markets, particularly when the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU – Viet Nam Free Trade Agreement (EVFTA), and the Regional Comprehensive Economic Partnership (RCEP) already took effect, Prime Minister Pham suggested.

Agreeing with his host, Park spoke highly of Viet Nam's investment and business climate as well as the Prime Minister's readiness to listen to and assist enterprises, adding Samsung will continue standing side by side with the country on the development path.