Samsung, Hyundai, Hyosung chiefs talk future investment with Vietnamese prime minister

Industry

Published: 02 Jul. 2024, 17:49

Samsung, Hyundai, Hyosung chiefs talk future investment with Vietnamese prime minister

Samsung Electronics Executive Chairman Lee Jae-yong, left, talks with Vietnamese Prime Minister Pham Minh Chinh in central Seoul on Tuesday. [YONHAP]

Samsung Electronics Executive Chairman Lee Jae-yong pledged to up the company's investment in its display module factory in Vietnam over the next three years during a meeting with Vietnamese Prime Minister Pham Minh Chinh on Tuesday.

“The success of Vietnam is the success of Samsung; the development of Vietnam is the development of Samsung,” Lee said, emphasizing that the chipmaker's goal is to grow the facility into the world's largest display module production plant.

Korea, Vietnam bolster economic cooperation, sign 22 MOUs at business forum

Samsung Electronics currently manufactures smartphones, displays and batteries in Vietnam. Half its total smartphone production takes place in the nation.

Samsung has invested a total of $22.4 billion in total in Vietnam, hiring some 90,000 employees. Its Vietnamese plants' exports totaled $55.7 billion last year.

The prime minister is scheduled to tour Samsung's chip facility in Pyeongtaek, Gyeonggi, on Wednesday, led by Jun Young-hyun, the head of the company's chip business.

Chinh also met with Hyundai Motor Group Executive Chair Euisun Chung on Monday to discuss the conglomerate's investment plans for Vietnam.

The prime minister reportedly asked Chung to invest in new technologies and educational programs to foster auto talent in the Southeast Asian country. Hyundai is the No. 2 automaker in Vietnam, with two plants in operation.

Hyundai Motor Group Executive Chair Euisun Chung, left, shakes hands with Vietnamese Prime Minister Pham Minh Chinh in central Seoul on Monday. [YONHAP]

Chinh also met Hyosung Chairman Cho Hyun-joon to discuss cooperation in bio, logistics and energy.

Hyosung, which first entered Vietnam in 2007, has invested more than $3.8 billion in the country, building various manufacturing facilities for spandex and tire cords.

The Korean conglomerate also signed a memorandum of understanding with the government of Ba Ria-Vung Tau Province on Monday to expand investment in butanediol, an important raw material in manufacturing spandex, as well as plastics and films.

It also inked an agreement with Sovico for cooperation in data centers, energy and finance.

Chinh additionally asked Lotte Chairman Shin Dong-bin for funds for Vietnam's tourism and city development sectors.

A total of 19 Lotte subsidiaries have sites in Vietnam, including food and retail affiliates.