Samsung phone exports from Vietnam since 2009 hit $500B

Samsung Electronics, a global giant, has maintained phone exports to Vietnam since 2009, amassing a total value of over $500 billion, according to Roh Tae Moon, Samsung's CEO. The corporation's presence in Vietnam is significant, ranking among its top foreign investors with a $24 billion stake at year-end. The Galaxy Fold 8, unveiled in early August, has been well-received in international markets, according to Roh.

Prime Minister Le Minh Hung of Vietnam acknowledged Samsung's importance, describing the country as a crucial manufacturing hub within the company's global value chain. However, Hung expressed a desire for Samsung to elevate Vietnam's role from a mere manufacturing center to a technology, research, and development hub. Vietnam is currently pivoting towards attracting high-tech investments with substantial added value and proffering opportunities for synergies and benefits to local enterprises, Hung explained.

Hung further outlined Vietnam's interest in expanding collaboration with South Korea across sectors like semiconductors, artificial intelligence, data centers, research, development, innovation, and digital transformation. He urged Samsung to augment its factories and production capacities, augment R&D investments, engage with research institutions and universities, and train engineers and other specialists.

Furthermore, Hung advised the company to cultivate a more extensive network of Vietnamese suppliers, aiding them in adhering to the standards requisite for entering Samsung's production chains in Vietnam, South Korea, and other global markets.

Roh affirmed that Samsung perceives Vietnam not solely as a manufacturing hub but as a strategic partner in research and high-tech development. The company pledges to escalate its R&D investments and foster a high-tech workforce training program in Vietnam. The Samsung R&D Center in Hanoi, Roh assured, plans to augment its cooperation with universities, allocate resources for workforce training, and reinforce technological capabilities.