Vietnam desires to continue to attract high-quality investment capital from the Republic of Korea (RoK), especially leading enterprises such as Samsung, in the fields of high technology, electronics, and semiconductor chips.

Prime Minister Pham Minh Chinh made the statement during his working session on July 30 with Samsung Electronics Vietnam Co., Ltd (SEV) to remove difficulties and obstacles in a bid to create favorable conditions for Samsung to further develop in Vietnam.

Upon addressing the meeting, PM Chinh highly appreciated Samsung Group’s investment activities in Vietnam, saying that the Group’s projects have a fast disbursement progress, thereby contributing to promoting economic restructuring, boosting exports, spurring the development of domestic supporting industries, creating more jobs as a means of making an important contribution to the economic development of Vietnam.

He praised Samsung Group, together with the Korean business community, for having always trusted the leadership of the Vietnamese Government.

Vietnam and the RoK upgraded their relations to a comprehensive strategic partnership in December 2022, opening up great opportunities in the two countries’ cooperation, he said.

Political trust between the two countries has been continuously strengthened, while cooperation across multiple fields has seen strong development, especially politics, economy, culture and people-to-people exchanges.

The RoK has become a strategic partner of Vietnam in all fields, especially economy, trade and investment. The RoK is currently the largest foreign direct investor (FDI) with US$82 billion, ranking second in development cooperation, tourism and labor, and third in terms of trade cooperation reaching US$86.4 billion in 2022.

In which, Samsung is the largest Korean investor and also the largest foreign investor in Vietnam, with a total registered investment capital of nearly US$20 billion.

Samsung’s effective operation in the past time has made important contributions to Vietnam in terms of export revenue, job creation and tax contributions to the budget, with Samsung Vietnam’s revenue in 2021 reaching US$ 74,2 billion, and export turnover hitting US$ 65.5 billion.

He thanked Samsung for taking Vietnam as its strategic production base, research and development hub, thus contributing to the country’s export revenue, job creation, and tax payment to the State budget. Samsung has also actively become involved in social welfare activities in the Southeast Asian nation.

The Government chief wished that Samsung will continue doing business stably and effectively in Vietnam, invest more in digital transformation and circular economy in the country, and train and appoint more Vietnamese to leading roles in the company.

The same day, PM Chinh attended the groundbreaking ceremony for several transport infrastructure projects in the northern province of Bac Ninh on July 30.

The roads connecting Bac Ninh with the new National Highway 3, Ha Bac 2 Bridge, Belt Road 4 and Hanoi Capital Region are scheduled to be completed and put into operation by 2025. They have a total length of about 20.2km and a combined cost of over VND1.49 trillion (US$64.78 million).

PM Chinh emphasized that the development of infrastructure, including the transport one, is one of the three strategic breakthroughs defined by the Party. This is particularly important for localities like Bac Ninh which is striving to become a centrally-run city.

He asked provincial authorities to continue completing site clearance while intensifying inspection and supervision during the project implementation to ensure safety, quality and environment protection.

While in Bac Ninh, the leader also visited Cat Tuong Smart City and Thong Nhat Smart City affordable housing project in Yen Phong district, and presented gifts to workers there.

VOV