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Foreign media: Samsung “smashed” more than 17.7 billion US dollars in Vietnam, soaring investment in the past 5 years

Reference News Network reported on December 21. According to a recent report on the “Vietnam Express” website, Samsung’s total investment in Vietnam in the past 24 years was as high as US$17.74 billion, of which 29% were added in the past 5 years.

Samsung (Vietnam) CEO Cui Zhouhao said that the South Korean electronics giant has eight manufacturing and research facilities in Vietnam and has revenue of approximately US$60.5 billion in the first 10 months of this year.

He said that despite the impact of the epidemic, maintaining factory operations and parts procurement faced a series of challenges, but its revenue still increased by 15% year-on-year, of which exports accounted for about 90% of revenue.

Currently, Samsung is spending 220 million US dollars to build a new R&D center in Hanoi, the capital of Vietnam. This is also the first high-level R&D center outside of South Korea.

It was previously reported that after months of production interruptions caused by the epidemic prevention and control, the factories of electronics manufacturing giants Intel and Samsung in Vietnam had fully resumed production by the end of November.

Li Biluan, deputy manager of the Ho Chi Minh City High-tech Park in Vietnam, told Bloomberg that the park is the location of Samsung, Intel, and Electronic component manufacturer NIDEC SANKYO (NIDEC SANKYO) factories. When the epidemic was at its worst from July to August this year, the park’s export orders dropped sharply by 20%, and the operating rate was less than 70%. It didn’t start to improve until October when the prevention and control measures were relaxed.

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