The Hanoitimes - Prime Minister Nguyen Xuan Phuc visited Samsung Electronics Vietnam Thai Nguyen (SEVT) during his working trip to the northern province of Thai Nguyen on July 26.
The PM valued Samsung’s investment in Vietnam with its high committed capital and disbursement ratio. He especially praised the firm’s commitment of exporting 50 billion USD worth of products this year.
He said that he was impressed with Samsung’s operation in Vietnam, which focuses on not only research and development (R&D) but also manufacturing and assembly. He hailed the firm for improving the living conditions of employees and workers and reaching a localization rate of 57 percent for their products.
Prime Minister Nguyen Xuan Phuc visited Samsung Electronics Vietnam in Thai Nguyen Province
The Government leader thanked the group for its contributions to Vietnam’s development, asking it to remain a role model in doing long-term business in the country. Samsung was also urged to pay more attention to the living conditions of workers and environmental protection while setting an example for other businesses.
The PM also asked the group, as the biggest foreign-invested company in Vietnam, to create favorable conditions for local businesses to develop support industries and provide necessary services.
Since it started operating in 2014, SEVT has increased its capital and revenue by 250 times to 5 billion USD and 20.4 billion USD respectively. IT is a member of Samsung Electronics Vietnam, which contributed 20 percent of Vietnam’s exports in 2016 (39.9 billion USD).
Samsung Vietnam targets an export turnover of 50 billion USD and a localization rate of 57 percent for its products, which involve 215 Vietnamese companies. PM Phuc highlighted Samsung’s significant contributions to Vietnam’s export turnover and job generation.
Applauding Samsung’s investment expansion in the country, the leader suggested the group to support Vietnam in training and technology transfer, thus enabling local support industry firms, especially small and medium-sized ones, to enhance links and join the supply of materials and components, tourism service and other services for Samsung.
He asked the group to accelerate the implementation of the Samsung Research and Development (R&D) center in line with pledged progress so as to help promote R&D activities in electricity and electronics in Vietnam.
Vietnam will continue supporting Samsung’s investment expansion in the country, thus maintaining and boosting the export of Samsung’s products manufactured in Vietnam, Phuc stressed , calling the group to make more efforts for its future stable and constant development to contribute to Vietnam’s economic development.