Samsung will research concrete measures to help develop Vietnam’s electronics industry, General Director of Samsung Electronics Vietnam Han Myoung-sup said at a seminar in Hanoi on July 15.

He also underlined contributions by Samsung Electronics Vietnam to attract foreign investments in component manufacturing. It also helped the Southeast Asian country improve its export indexes and create a number of jobs.

A Samsung product (photo for illustration: Vietnam+)

To develop supporting industries, the country needs to provide capital and policy assistance and ensure the sale of the sector’s products, the executive said while asking for high resolve and long-term vision from businesses.

Deputy Minister of Industry and Trade Tran Tuan Anh admitted that though a number of favourable mechanisms and policies have been designed, they have not been implemented strongly enough to support Vietnamese firms in making qualified supporting industry products.

His ministry has submitted a decree on supporting industry development to the Government for approval. The decree includes feasible and comprehensive mechanisms and policies in accordance with Vietnam’s current regional and international economic integration, he noted.

At the seminar, Samsung Vietnam announced a list of components it wants to source from Vietnamese companies and met face-to-face with local firms to discuss the possibility of becoming Samsung component providers.

The function drew representatives from more than 200 Vietnamese enterprises and from Government agencies such as the Ministry of Finance and the Ministry of Planning and Investment.

Samsung first invested in Vietnam in 1995 but made itself known in recent years with its construction of two hi-tech complexes to produce mobile devices and components in Bac Ninh and Thai Nguyen provinces with a combined investment of 7.5 billion USD.

The two facilities together exported over 26.25 billion USD worth of products last year and created jobs for over 100,000 labourers.

Last May, Samsung began construction on the Samsung Consumer Electronics Ho Chi Minh City Complex, covering 70 hectares at the Ho Chi Minh City Hi-tech Park with a total investment of 1.4 billion USD.

Source: VNA