Samsung asked to build a semiconductor plant in Vietnam

The Vietnamese premier made the suggestion during the meeting with the South Korean tech giant’s vice chairman, Lee Jae-yong, who came to Vietnam to seek opportunity to business in the country.

The semiconductor plant could enable the firm to have a closed production chain in Vietnam where it already has smartphone and consumer electronics plants, PM Phuc was cited on the Government news portal.

He promised that Vietnam would create the best favorable conditions for Samsung to invest and expand business in the country.

Samsung plants in Vietnam play vital role for the tech firm to maintain its global production chain amid pandemic and Vietnam did create favorable to allow 3,000 Korean engineers to enter the country, said Vice Chairman of Samsung Group Lee Jae Yong.

“If the plants in Vietnam suspend operation, the global production chain of Samsung will be disrupted,” he said, adding despite the Covid-19 pandemic, the conglomerate still maintains production and continues contributing to Vietnam’s development.

Lee was said to have visited Samsung plant in Ho Chi Minh City to check the company's performance as well as the demand for expansion.

PM Phuc told the Samsung executive that Vietnamese Government has allowed Samsung’s affiliate in Ho Chi Minh City to transform into a export processing firm in the city’s Saigon Hi-Tech Park, paving the way for the company to expand its business in Vietnam and raise its global competitiveness.

Vietnam is currently Samsung’s largest manufacturing base abroad and the company is also the leading FDI investor in the country. It has invested over $17 billion in Vietnam so far.