Thailand Overseas Investment Center

Samsung expands VN business

Samsung Electronics Vietnam will be expanded in the future with its complex in Thai Nguyen Province, in addition to the one in Bac Ninh Province.

Smartphones with the label "Made in Vietnam" will account for 50 percent of the corporation's sales across the world.

The information was provided by Nguyen Van Dao, deputy general director of Samsung Vina, at a meeting with the press on May 14 in the northern province of Bac Ninh.

He reported that the localisation rate now represented more than 30 per cent, and the domestic consumption had been decreasing gradually. "Although the local market is large, it only accounts for a small part in the global market. At the moment, the domestic consumption rate of products ranges from 2 to 5 per cent. This will decline relatively to the increasing exports in the future," Dao noted.

Samsung Electronics Vietnam in Bac Ninh Province exports to many regions in the world, with major products including smartphones, tablets, cellphone parts and vacuum cleaners. According to Samsung, the European Union accounts for 47 percent in its total exports and North American market takes up more than nine percent.

Shim Won-hwan, general director of the Samsung complex, stated that the factory in Bac Ninh was one of the largest of the South Korean corporation in the world. He added that Samsung's factories in Viet Nam not only assembled mobile phones but also produced electronic components.

Last year, Samsung contributed US$23.9 billion to the total exports of Viet Nam, accounting for 18 percent.

Samsung complex in Thai Nguyen, which officially started operating in March, is expected to employ 16,000 workers and produce eight million products per month by the end of this year.

In June, Samsung will open its new branch office in the port city of Hai Phong. 

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