Samsung has invested $18 billion in Vietnam, revenue up by 15 percent

[ASEAN NOW News]

Samsung's giant plant in the northern province of Bac Ninh. Photo courtesy of Samsung Vietnam

 

Samsung has invested $17.74 billion in Vietnam in the last 24 years, 29 percent of it in the last five.

 

VN Express reported that with eight manufacturing and research facilities in the country, the South Korean electronics giant achieved revenues of $60.5 billion in the first 10 months of this year, Samsung Vietnam CEO Choi Joo Ho told Deputy Prime Minister Le Minh Khai at a meeting in Hanoi Monday.

 

Hanoi meeting on Monday

 

15% Rise in revenue

 

It marked a 15 percent year-on-year rise despite the challenges to keeping factories going and sourcing parts amid Covid-19, he said.

 

Exports accounted for 89 percent of the revenues, he added.

 

The company is building a $220-million research and development center in Hanoi, the first of its kind outside of its home country.

 

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