Vietnam supports Samsung’s long-term investment plan

National Assembly Chairman Vuong Dinh Hue on February 28 received Hark-Kyu Park, President and CFO at Samsung Electronics Co. Ltd., hailing the Korean firm's effective operation and expecting it to invest in the long term in Vietnam.

Hue praised Samsung for developing supporting industry partners in its ecosystem in Vietnam and inaugurating its R&D centre in Hanoi as its long-term commitment in the country. He suggested that the Korean firm continue to invest in research and development of semiconductor technology in Vietnam.

Hue affirmed that Vietnam always pays attention to protecting the legitimate interests of foreign investors, including Samsung. Many difficulties, problems and proposals raised by Samsung have been resolved by the Government and relevant agencies of Vietnam over the years.

The government of Vietnam is keen to improve the local business and investment environment, enhance the competitiveness and create the most favourable conditions for investors to do long-term business in the country, Hue told his guest.

Park for his part briefed his host on Samsung operations in Vietnam, including the Bac Ninh and Thai Nguyen factories, saying last year their export turnover hit about US$65 billion, and Samsung’s accumulated investment in Vietnam rose to about US$20 billion.

Samsung inaugurated its US$220 million R&D Centre in Hanoi last December and the firm aims to develop it into a global-level R&D centre in the near future, said Park.

Revealing Samsung’s possible long-term investment plan in Vietnam, Park emphasized that the National Assembly and Government of Vietnam have built a very good investment environment. The firm will try its best to practically contribute to Vietnam’s development as the largest and long-term investment enterprise in Vietnam.

At the meeting, both host and guest also discussed a number of issues related to the application of the global minimum tax initiated by the Organization for Economic Cooperation and Development (OECD).

Hue affirmed that the relevant agencies of Vietnam are actively studying the issue for legalization, including amending the Law on Corporate Income Tax.