Deputy Prime Minister Vuong Dinh Hue (R) meets outgoing General Director of Samsung Vietnam Shim Won Hwan (Photo: VNA)

Hanoi (VNA) – Deputy Prime Minister Vuong Dinh Hue hosted a reception in Hanoi on December 21 for outgoing General Director of Samsung Vietnam Shim Won Hwan and Shim’s successor Choi Joo Ho.

Hue spoke highly of the contributions of Samsung Vietnam and Shim in particular to the socio-economic development of Vietnam.

He expressed his hope that the firm’s new head, Choi Joo Ho, will have a successful office tenure in Vietnam and keep in close coordination with the Vietnamese government during the firm’s operation.

The Deputy PM pledged that the Vietnamese Government will provide optimal conditions for Samsung to turn Vietnam into the firm’s global production hub.

According to Shim, Samsung Vietnam’s export revenue this year is estimated to grow 12 percent to reach 60 billion USD, accounting for about 25 percent of Vietnam’s total exports.

He affirmed that Samsung will carry on implementing its strategy of long-term investment in Vietnam as it considers the nation its largest global production hub, with Samsung Thai Nguyen being the firm’s biggest factory worldwide.

So far, Samsung has disbursed over 90 percent of the 17.3 billion USD that it had registered to invest in Vietnam, Shim noted, adding that a network connecting Samsung and its subsidies with Vietnamese enterprises has been formed.

He expressed his hope that the Vietnamese Government will continue backing the firm’s operations in the future.

Hue said that in 2018, Vietnam fulfilled all socio-economic targets for the whole year with the GDP growth of 6.9-7 percent and import-export revenue of 480 billion USD, up 13 percent year-on-year.

The contributions that Samsung has made to the growth of Bac Ninh, Thai Nguyen, and Ho Chi Minh City where its factories are located are substantial, helping to greatly improve the nation’s economic results, the Deputy PM noted.

After 30 years of attracting foreign direct investment, Vietnam is moving to prioritise projects with a high connectivity capacity that can support Vietnamese firms to join the global value chain, he said.

Hue suggested that Samsung pay more attention to development research with a base in Hanoi, developing semiconducting technology in Vietnam, and enhancing the localisation ratio of its products.

The Vietnamese Government will soon issue a policy to promote the growth of its value chain, determined to reinforce the macro-economic foundations for the growth of local businesses, he stressed.–VNA