Samsung Vietnam Expects 2017 Exports to Reach $50 Billion

Tuan Minh

10:39 13/02/2017

BizLIVE - Vietnamese Prime Minister has pledged to support Samsung in expanding operations in the country.

Samsung Vietnam Expects 2017 Exports to Reach $50 Billion

PM Nguyen Xuan Phuc visits a Samsung factory under construction at the Yen Phong Industrial Park in Bac Ninh. Photo: VGP

Samsung Vietnam expects its export turnover to top $50 billion this year, rising from $40 billion in 2016, a representative of the firm told Vietnamese Prime Minister Nguyen Xuan Phuc, who toured Bac Ninh province on February 12.
The South Korean giant plans to increase its workforce in Vietnam to 150,000 this year, compared to 136,700 at the end of last year, the Vietnamese government said on its portal.
Samsung has disbursed $10 billion, out of the planned $15 billion in six plants in Vietnam. Its localization rate has reached 50% currently.  
Samsung Display Vietnam is seeking government permission to plough another $2.5 billion into its existing screen factory in Bac Ninh, bringing its total investment to $6.5 billion in this locality.
PM Nguyen Xuan Phuc stated that the Vietnamese government supported Samsung Vietnam in its operation as well as expansion in the Southeast Asian country through ensuring political stability and supply of labor force.
The PM also asked the Korean company to boost hi-tech investment, raise the localization rate and involve more Vietnamese companies in its supply chain.
The Ministry of Industry and Trade aims the country’s exports to grow 6.9% year-on-year to $188 billion in 2017.
Samsung Vietnam’s export turnover accounted for 22.7% of the host country’s total exports in 2016, compared to 20% in 2015.