Vietnamese PM discusses enhanced cooperation during meetings with Samsung, Hyundai chiefs

By Kim Dong-young Posted : July 2, 2024, 17:10 Updated : July 2, 2024, 17:16
Vietnam Prime Minister Pham Minh Chinh (right) meets with Samsung Electronics Chairman Lee Jae-yong in Seoul on July 2, 2024. Courtesy of Viet Nam Government Portal
SEOUL, July 2 (AJU PRESS) - Vietnamese Prime Minister Pham Minh Chinh has met with the heads of major Korean business groups to discuss expanded investment and cooperation.

Chinh arrived in Seoul on Sunday for a four-day visit aimed at strengthening economic cooperation between the two countries.

The premier met with Samsung Electronics Chairman Lee Jae-yong in Seoul on Tuesday and Hyundai Motor Group Chairman Chung Eui-sun on Monday.

During the meeting, Lee emphasized the importance of the group’s business operations in Viet Nam. 

"Viet Nam's success is Samsung's success, and Viet Nam's development is Samsung's development," he said. 

He expressed gratitude for the Vietnamese government's support during the COVID-19 pandemic and affirmed Samsung's commitment as Viet Nam's largest foreign investor and exporter.

Chinh praised Samsung's contributions to Viet Nam's economic and social development, including exports and the development of advanced technology products. 

He outlined Viet Nam's plans to establish an investor support fund to ensure a stable and competitive investment environment, particularly for high-tech industries, semiconductors, artificial intelligence and R&D centers.

 
Vietnamese Prime Minister Pham Minh Chinh (right) meets with Hyundai Motor Group Chairman Chung Eui-sun in Seoul on July 1, 2024. Courtesy of Viet Nam Government Portal
He requested that Samsung expand its investments and supply chain in Viet Nam, proposing increased localization rates and strengthened activities at the Samsung R&D center in Hanoi. He also invited Samsung to continue operating Viet Nam as a strategic production and R&D base for major global products.

Samsung has invested about $22.4 billion in Viet Nam to date, employing about 90,000 workers. The company's exports from Viet Nam reached $55.7 billion last year. Samsung's presence in Viet Nam dates back to 1989 when it first established a trading office in Hanoi.

As part of its ongoing commitment, Samsung plans to make significant investments over the next three years to transform its Vietnamese factory into a global hub for display module production.

Chinh is scheduled to visit Samsung Electronics' plant in Pyeongtaek, south of Seoul, on Wednesday.

During a meeting with Hyundai Motor Group Chairman Chung on Monday, the Vietnamese prime minister commended the carmaker’s business activities in Viet Nam, requesting expanded investments and support for talent development. Hyundai Motor Group is currently one of the leading automotive companies in the Southeast Asian country.

On the same day, Chinh met with Lotte Group Chairman Shin Dong-bin, Hyosung Group Chairman Cho Hyun-joon and HS Hyosung Vice Chairman Cho Hyun-sang to discuss cooperation in future businesses, including tourism and renewable energy.
Kim Dong-young

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