Vietnam supports Samsung expansion plan

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Vietnam supports Samsung expansion planDeputy Prime Minister Nguyen Xuan Phuc pledged to create favourable conditions for Samsung Electronics to implement its investment projects in Vietnam.

While receiving Samsung Electronics Vietnam General Director Shim Won Hwan in Hanoi on December 6, Phuc welcomed the group’s decision to select Vietnam as the world’s largest production base and expand operations in the country.

Samsung has so far poured US$5.7 billion into Vietnam-based projects, making it one of the biggest foreign investors in the country. Last year it raked in more than US$24 billion from exports and generated approximately 100,000 jobs for local people.

Phuc said Samsung-invested projects testify to the growing trade ties between Vietnam and the Republic of Korea.

He asked the group to accelerate its mobile handset plant project in Thai Nguyen province, due to churn out its first products in the first quarter of 2014, so as to generate more jobs for local people and develop support industries.

Shim Won Hwan proposed the Vietnamese government continue creating conditions for Samsung and other RoK companies to do long-term, efficient business in the country.

Samsung decided to invest US$2 billion in a mobile handset and accessories plant in Thai Nguyen province.  The plant is designed to manufacture 100 million products a year and expected to recruit 2,000 employees in the first phase.

When the facility operates at full steam, it will raise its annual output to 250 million products and become the groups’ largest mobile handset manufacturer globally.

(HanoiTimes)

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