Samsung Electronics Chairman Lee Jae-Yong held a private meeting with Vietnamese Prime Minister Pham Minh Chinh, who is visiting South Korea, on the 2nd and promised to expand investment in the region.

According to Vietnam’s official newspaper VGP, Prime Minister Pham Minh Chinh and Chairman Lee met at the Lotte Hotel in Seoul on the morning of the 2nd. They exchanged views on ways to expand cooperation in various fields. Key executives such as Jeon Young-Hyun, head of the Device Solution (DS) division (vice-chairman), also attended the event.

Samsung Electronics Chairman Lee Jae-Yong has a private meeting with Vietnamese Prime Minister Pham Minh Chinh on the 2nd

On that day, Chairman Lee said, “In the past 16 years, the cooperative relationship between Samsung and Vietnam has developed very successfully,” and emphasized that “Vietnam’s success is Samsung’s success, and Vietnam’s development is Samsung’s development.” As Vietnam’s largest foreign investor and largest exporter, Samsung has pledged to work together for sustainable development with Vietnam.

Chairman Lee added, “Vietnam will become the world’s largest display production base in the next three years.

Prime Minister Pham Minh Chinh highly praised Samsung Group’s achievements in the process of investment and business in Vietnam, and evaluated its positive contribution to the development of modern technology application products and Vietnam’s export, import, and economic and social development.

He said “In order to ensure the stability and competitiveness of Vietnam’s investment environment, the Vietnamese government is preparing/ laws on the establishment, management, and use of investment support funds.”.  He said, “We are working to attract investment in large-scale projects in priority investment areas such as advanced technology, semiconductor chips, AI, and R&D centers,” and  “The government is also preparing legislation on a direct power trading mechanism to facilitate power supply.”

Prime Minister Pham Minh Chinh proposed to support Vietnamese companies to strengthen their capabilities and participate in Samsung’s supply chain. He also requested that Samsung increase the proportion of local production in Vietnam and strengthen the activities of its R&D center so that it can research and develop new innovative products.

Samsung Group opened its first office in Hanoi, Vietnam in 1989 and has been continuously expanding its business sites. Currently, there are 6 production subsidiaries in the electronics sector, including Samsung Electronics, Samsung Display, Samsung SDI, and Samsung Electro-Mechanics, as well as 1 sales subsidiary and R&D center in Vietnam. In addition, 310 Vietnamese companies are currently participating as partners in Samsung’s production chain.