Da Nang Party Committee Secretary Nguyen Van Quang held a reception on Tuesday for General Director of Samsung Viet Nam Choi Joo Ho.

Da Nang Party Committee Secretary Nguyen Van Quang (right) presenting a souvenir to General Director of Samsung Viet Nam Choi Joo Ho

Secretary Quang expressed his delight at fruitful results from the investment cooperation between Samsung Group, the Ministry of Industry and Trade, and Da Nang through the signing of a Memorandum of Understanding on implementing the Smart Factory Development Project for Vietnamese businesses in Da Nang and Central Viet Nam.

The Vietnamese government and localities highly lauded Samsung Group's methodical investment in Viet Nam. Da Nang was one of the localities with many favourable conditions in terms of transportation infrastructure and preferential policies for Samsung to invest, he added.

The city's top leader shared with General Director Cho Joo Ho that after COVID-19, Da Nang had a very quick recovery, especially in the tourism sector, in which the South Korean tourist market accounts for a large proportion. Da Nang is also a locality that attracts many foreign businesses to learn about investment opportunities in various spheres, especially real estate and high-tech industry.

According to Mr. Quang, Samsung's development orientation in Viet Nam has similarities with Da Nang’s one.

Representatives of Samsung Viet Nam and Da Nang leaders posing for a group photo. Photo: THANH LAN

For his part, Mr. Choi Joo Hoo, General Director of Samsung Viet Nam, thanked the leader for his warm welcome. He added that Samsung Group currently has 6 factories in Viet Nam specialising in the production of electronic products, smart electronic devices and household appliances, and the technology research, development and transfer with the total investment capital of about US$20 billion.

To date, Samsung Viet Nam has exported products to more than 128 countries and territories with an annual output of 160 million devices, accounting for 50% of total global production.

The export turnover in 2022 reached US$65 billion, making up 17.4% of Viet Nam's export turnover. The group created jobs for more than 96,000 people, thereby contributing more than VND10,000 billion to the State budget annually.

Currently, there are 51 Vietnamese enterprises that have become tier-1 suppliers of Samsung, including many businesses in the city.

Mr. Choi Joo Hoo shared the successes that the city has achieved after COVID-19, especially in the field of tourism. In particular, he himself really wanted to visit and travel in the city.

He pledged that Samsung would indirectly accompany the city and local businesses during their development in the future.

Reporting by THANH LAN - Translating by M.DUNG