Quang made the statement during a reception on July 21 for Choi Joo Ho, chief executive of Samsung Vietnam.

Deputy PM Tran Luu Quang (R) and Samsung Vietnam CEO Choi Joo Ho.

At the meeting, the Vietnamese official congratulated Samsung on its recent business results, noting that the Samsung Vietnam complex is a prime example of foreign direct investment success in Vietnam.

Quang added that he understood the difficulties facing Samsung in 2023 and expressed his confidence that Samsung’s new products will help the company increase its sales.

According to Choi Joo Ho, Samsung has invested 20 billion USD in Vietnam and is employing 100,000 workers across its facilities in Hanoi, Ho Chi Minh City, Bac Ninh and Thai Nguyen.

The company has sustained solid export growth over the past years, with 65 billion USD of exports in 2022.

Choi informed the Vietnamese official that Samsung Vietnam is planning to launch the fifth generation of its foldable smartphone Galaxy Fold with the goal of maintaining export momentum as the global demand for mobile phones is forecast to fall by 8% due to economic weaknesses.

He added that Samsung still pours in an additional 1 billion USD in investment into Vietnam each year and is working to disburse all this supplementary capital to maintain its competitiveness and sustainable development.

Choi expressed his hope that the company would continue to receive support from the Vietnamese government, ministries and agencies.

PM suggests Samsung contribute more to Vietnam-RoK economic ties

Prime Minister Pham Minh Chinh on April 13 expressed his belief and wish that Samsung Electronics Co. , Ltd. , of the Republic of Korea (RoK) will maintain its important role in enhancing economic cooperation between the two countries with many new strategic projects.

Samsung kicks off "Solve for Tomorrow 2023" contest

Samsung Vietnam Complex, Samsung Vina Electronics Company, and Junior Achievement Organisation on April 12 officially launched the "Solve for Tomorrow 2023" contest.

Samsung denies moving smartphone production chain from Vietnam to India

General Director of Samsung Vietnam Complex Choi Joo Ho said the group would not move smartphone production lines from Vietnam to India.

Samsung Vietnam factories fetch nearly $71B revenues

Samsung Vietnam's four factories recorded a revenue of nearly $71 billion last year, accounting for 30% of the South Korean's electronic giants.

NA Chairman receives leader of Samsung Electronics

Vietnam has always paid attention to protecting legitimate interests of foreign investors, including Samsung, National Assembly (NA) Chairman Vuong Dinh Hue told Park Hark Kyu, President and Chief Financial Officer of Samsung Electronics Co., Ltd., of the Republic of Korea (RoK).

Source: NDO