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on July 6th

Samsung plans to build the world's largest display product manufacturing center in Vietnam

Samsung Electronics President Lee Jae yong met with Vietnamese Prime Minister Pham Myung Chung on July 2, marking an important milestone in Samsung's 16 year cooperation with Vietnam. Lee Jae yong said, "Vietnam's success is Samsung's success, and Vietnam's development is Samsung's development."

Lee Jae yong expressed his commitment to investing in Vietnam, planning to invest in the display industry and build Vietnam into the world's largest display product production center within three years.

It is understood that Samsung has invested a total of 22.4 billion US dollars in Vietnam in 2023, and the export value of Samsung's Vietnam factory has reached 55.7 billion US dollars, making it the largest foreign direct investment company and exporter in Vietnam. Not only that, Samsung has also hired approximately 90000 workers in Vietnam.

Fan Mingzheng praised Samsung's investment and reiterated his support for foreign investors, stating that he plans to attract or encourage investment in advanced technologies, semiconductors, artificial intelligence (AI), and research and development centers. Fan Mingzheng also proposed that Samsung promote cooperation to enable Vietnamese companies to more effectively integrate into Samsung's supply chain.

The industry has stated that Vietnam has transitioned from an agriculture based economy to an industrialized economy in the past few decades. The cooperation between companies such as Samsung has not only promoted Vietnam's economic growth, but also made it an important member of the global electronic and display equipment supply chain. Samsung hopes to leverage Vietnam's growing industrial capacity and skilled workforce to meet the growing global demand for advanced display technology.
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