Top legislator receives Samsung Vietnam's leader

Man stated said that after more than three decades since establishing diplomatic ties, especially with the upgrade of the relationship to a Comprehensive Strategic Partnership in 2022, the bilateral relations between Vietnam and the RoK is now at its most prosperous stage, serving as a solid foundation for businesses of the two nations to collaborate confidently on larger and more successful ventures in the long term.

NA Chairman Tran Thanh Man (R) shakes hands with General Director of Samsung Vietnam Choi Joo. (Photo: VNA)

For many years, the RoK has maintained its first position in foreign direct investment (FDI) in Vietnam, with cumulative capital reaching 89.11 billion USD as of November 30, 2024.

The establishment of an investment support fund will assist businesses in general, including those from the RoK, Man said, adding that the eligible beneficiaries for investment support include hi-tech enterprises, those with investment projects in manufacturing hi-tech products and applying high technologies, and enterprises with projects to set up research and development centres.

Regarding the semiconductor industry, Man emphasised that Vietnam welcomes and desires to boost close and comprehensive cooperation with countries, economies, leading businesses and partners in the world specialising in the sector, including the Samsung Group.

Vietnam has been implementing various solutions to attract investment in the industry, focusing on developing a strategy for developing Vietnam's semiconductor industry, and a semiconductor workforce development programme by 2030; accelerating administrative reform; improving infrastructure; and ensuring energy supply and high-quality human resources, he said.

The NA Chairman suggested Samsung support Vietnam in improving the capability of domestic enterprises so that they can join the group's supply chain. He also urged Samsung to closely collaborate with the Ministry of Planning and Investment to effectively operate training centres established at Vietnam's National Innovation Centre on the basis of cooperation agreements between the two sides.

He hoped that Samsung will become a strategic investor, making the largest contribution to Vietnam's economy, developing supporting, chip, and semiconductor industries, and promoting innovation in the Southeast Asian nation.

For his part, Choi affirmed that Samsung considers Vietnam a top priority for continued investment in the coming time.

He briefed the top legislator on Samsung Vietnam’s current business activities and future investment plans, and presented several recommendations and proposals from the group.

Accordingly, Samsung Vietnam's export turnover reached 55.7 billion USD in 2023, accounting for 16% of Vietnam's total export revenues. By November 2024, the group's export turnover was valued at 50.8 billion USD, equal to the figure of the same period last year.

Following the official visit to the RoK by Prime Minister Pham Minh Chinh in July 2024, Samsung reported plans to expand its operations and invest in new projects in Vietnam, including a project to build the world's largest display manufacturing facility in the northern province of Bac Ninh, he said.

Appreciating the fact that the NA Standing Committee has provided feedback on the draft decree on the establishment, management, and use of the investment support fund, Choi expressed his hope that the Vietnamese Government will soon issue this decree.