The news was shared by Choi Joo Ho, CEO of Samsung Vietnam at a reception with Deputy Prime Minister Tran Hong Ha on August 16.

Samsung Vietnam currently operates six production facilities and one research and development (R&D) centre, following a $22.8 billion investment. Last year alone, Samsung invested $1.2 billion in Vietnam, and the group has plans to invest an additional $1 billion per year in the country.

Last year was difficult for the South Korean giant as the global economic situation brought many difficulties as the global mobile phone market shrank. Despite the challenging context, Samsung Vietnam achieved export turnover of $55.7 billion.

Ho spoke highly of the Vietnamese government’s Direct Power Purchase Agreement (DPPA) mechanism between renewable energy generators and large customers and expressed his hope that the government will help companies like Samsung Vietnam to expand its use of renewable power at a reasonable cost and contribute to the country’s commitment to cut emissions to net-zero by 2050.

DPM Ha suggested foreign firms, including Samsung Vietnam, propose suitable measures to the government to remove bottlenecks while carrying out the DPPA to operate the electricity market in line with market mechanisms.

Ha also encouraged Samsung Vietnam to continue investing in R&D centres and promote technology transfer in emerging industries such as semiconductors.