On September 22, Vietnamese Prime Minister Pham Minh Chinh attended the “2024 Planning Announcement Ceremony and Investment Promotion Conference” in Bac Ninh province, where he held meetings with leaders of several foreign enterprises investing in Vietnam. The discussions included companies such as South Korea’s Samsung, Taiwan’s Phu My Hung, and Japan’s AEON Mall, covering topics on deepening cooperation, expanding investments, and technology transfer.
Samsung Vietnam Expands Investment to Boost High-Tech Development
During his meeting with Choi Joo Ho, General Director of Samsung Vietnam, Prime Minister Pham Minh Chinh was briefed on the company’s operations in Vietnam. Choi Joo Ho noted that Samsung currently operates six factories, one R&D center, and one sales entity in Vietnam, with total cumulative investment reaching $22.4 billion. With strong support from the Vietnamese government and local authorities, Samsung has decided to maintain its long-term investments in Vietnam, adding a new $1.8 billion project in Bac Ninh province.
This new project will not only expand Samsung’s OLED product line for mobile phones but also introduce an OLED production line for IT equipment and automobiles. Choi expressed hope that the Vietnamese government would continue to support Samsung, especially in providing highly skilled human resources to ensure the smooth implementation of the new project.
Prime Minister Pham Minh Chinh praised Samsung’s cooperation model in Vietnam, describing it as a model of economic collaboration between South Korea and Vietnam. He expressed hopes that Samsung would further participate in Vietnam’s transition to a digital, green, and knowledge-based economy, particularly in areas such as semiconductor chips, artificial intelligence, cloud computing, and innovation. The Prime Minister also suggested that Samsung advance technology transfer, talent training, and the sharing of management expertise, while encouraging the company to increase localization rates and promote the hiring and development of Vietnamese employees for key positions to integrate Vietnamese enterprises into the global supply chain.
Phu My Hung Expands Investment in Vietnam, Focuses on Public Welfare Projects
Gary Tseng, General Manager of Taiwan’s Phu My Hung Corporation, shared the company’s investment journey in Vietnam over the past 30 years during the meeting. Phu My Hung primarily invests in real estate and urban development and has gradually expanded into multiple provinces and cities in Vietnam with remarkable results. Gary Tseng expressed gratitude for the support from the Vietnamese government and local authorities and stated that Phu My Hung plans to further increase its investment in Vietnam, particularly with plans to list on the Vietnamese stock market.
Prime Minister Pham Minh Chinh congratulated Phu My Hung on its achievements in Vietnam and encouraged the company to actively invest in real estate projects and social infrastructure that benefit the general public, alongside its luxury community developments. He also highlighted the need for Phu My Hung to further participate in the development of Vietnam’s cultural, healthcare, and education infrastructure, benefiting a broader range of people.
AEON Mall Expands Investment in Vietnam, Strengthens Presence in Commercial Sector
Tetsuji Nakagawa, General Manager of AEON Mall (Vietnam), briefed Prime Minister Pham Minh Chinh on the company’s latest developments in Vietnam. AEON has opened its seventh shopping center in the country, which is also its first commercial center in the central region. Nakagawa also revealed that the company had obtained investment certificates in Ha Long City of Quang Ninh province and Thanh Hoa province, with plans to expand its investment in other regions, including Bac Ninh province.
Prime Minister Pham Minh Chinh highly appreciated AEON Mall’s investments in Vietnam, seeing it as a testament to the deepening economic ties between Vietnam and Japan and aligned with the Vietnamese government’s policies for economic growth. He assured AEON that the government would facilitate the company’s investment and support the launch of new projects in 2024. The Prime Minister also suggested that AEON consider further investments in provinces such as Khanh Hoa, Dak Lak, Gia Lai, Ba Ria-Vung Tau, and Nghe An to strengthen its presence in Vietnam.
Key Points of Foreign Investment in Vietnam
- Sustained Investment Confidence: Companies like Samsung (Korea), Phu My Hung (Taiwan), and AEON Mall (Japan) demonstrate strong confidence in Vietnam’s economic development and investment environment through continuous investments.
- Introduction of High-Tech: Samsung’s investment in an advanced OLED production line in Bac Ninh province highlights Vietnam’s significance in high-tech manufacturing, especially in the electronics and automotive sectors.
- Demand for Social Infrastructure: Prime Minister Pham Minh Chinh emphasized the importance of balancing economic benefits with public welfare projects in real estate development, urging foreign investors to contribute to Vietnam’s social infrastructure construction.
- Government Support and Deepened Cooperation: The Vietnamese government actively supports the expansion of foreign businesses and encourages collaboration in technology transfer, human resource training, and more, aiming to enhance the global competitiveness of Vietnamese enterprises.
Through these initiatives, Vietnam continues to showcase its openness to foreign investment, attracting more companies to expand their operations in the country. If you are interested in investing in Vietnam, please feel free to contact Jaycy. We are committed to providing professional consultation and support, helping you achieve success in the Vietnamese market.
