Samsung exported 500 billion USD of phones from Vietnam after 17 years

The information was announced by Mr. Roh Tae Moon, CEO of Samsung Electronics, at a meeting with Prime Minister Le Minh Hung on August 27.

According to Mr. Roh, Samsung’s two mobile phone manufacturing entities in Bac Ninh and Thai Nguyen reached a cumulative export milestone of 500 billion USD at the end of June. This milestone was set 17 years after the company started producing phones in Vietnam in April 2009.

Samsung is currently one of the largest foreign investors in Vietnam. Samsung’s investment activities in Vietnam are showing a steady growth trend. By the end of last year, Samsung’s cumulative investment in Vietnam was 24 billion USD.

Mr. Roh said that the Galaxy Fold 8 phone line launched in early August is being positively received by the global market. Samsung is expected to maintain double-digit growth until the end of the year.

At the meeting, Prime Minister Le Minh Hung assessed that Vietnam has become an important production base in Samsung’s global value chain. However, he proposed that the group turn Vietnam from a “production base” to a “technology, research, development and innovation base”.

According to the Prime Minister, Vietnam is shifting towards attracting foreign investment, prioritizing high-tech projects with great added value and the ability to link and spread to domestic businesses. Vietnam wants to increase cooperation with Korea in areas such as semiconductors, artificial intelligence (AI), data centers, research and development (R&D), innovation and digital transformation.

Therefore, he suggested that Samsung expand its factory and production capacity, while increasing R&D investment, cooperating with research institutes and universities, and training engineers and experts. The Prime Minister also wants Samsung to develop more Vietnamese suppliers, helping domestic businesses meet standards to participate in the group’s production chain in Vietnam, Korea and international markets.

Mr. Roh affirmed that Samsung does not consider Vietnam simply as a production base but as a strategic partner in high-tech research and development. The Group plans to continue to expand R&D investment and support high-tech human resource training in Vietnam.

Samsung R&D Center in Hanoi will also expand cooperation with universities, increase resources for human resource training and improve technological capacity. Samsung said it will continue to coordinate with the Ministry of Industry and Trade to implement programs to support Vietnamese businesses to participate more deeply in the group’s global supply chain.