SamMobile has affiliate and sponsored partnerships. If you buy something through one of these links, we may earn a commission.

Notifications
    News for you

    Samsung will massively increase its annual investment in Vietnam

    Business
    By 

    Last updated: May 13th, 2024 at 12:28 UTC+02:00

    Samsung Electronics is boosting its investment in Vietnam, its largest smartphone manufacturing hub. Samsung's Chief Financial Officer Park Hark-kyu and Vietnamese Prime Minister Pham Minh Chinh met last week to shake hands on these latest financial agreements.

    According to state-owned Vietnamese media cited by Korea JoongAng Daily, Samsung Electronics intends to increase its annual investment in its operations in Vietnam by a whopping $1 billion.

    Vietnam is home to Samsung's most powerful smartphone manufacturing hub. Roughly half of all Galaxy mobile devices sold worldwide are made in the country.

    Vietnam encourages Samsung to help local companies

    Prime Minister Chinh strengthened his pledge to help foreign companies, like Samsung, do business in Vietnam, but also asked Samsung to help more Vietnamese companies be a part of its supply chain.

    Samsung started manufacturing smartphones in Vietnam in 2008 at its factory in the northern city of Bac Ninh. And since 2014, Samsung incorporated 309 Vietnamese companies into its local supply chain.

    In addition, Samsung Electronics has already made investments in Vietnam worth $22.4 billion. And now, the company intends to increase its annual budget by an extra $1 billion. Samsung says it hopes Vietnam will continue to improve its business environment.

    Story continues after the video…

    Last month, Samsung's smartphone manufacturing plant in Thai Nguyen assembled its one billionth Galaxy phone — a Galaxy S24 Ultra. The company held a ceremony to celebrate the milestone.

    In total, Samsung's two Thai Nguyen and Bac Ninh factories have manufactured 2.13 billion Galaxy devices so far. They range from Galaxy smartphones and tablets to smart wearables.

    BusinessGeneral Samsung ElectronicsVietnam Buy the Galaxy S24 Ultra

    You might also like

    Apple Vision Pro 2 could use more Samsung tech and be cheaper

    Apple Vision Pro 2 could use more Samsung tech and be cheaper

    Apple's first Vision Pro mixed reality headset may have failed to change the world due to its high price and relatively undercooked feature set. Even so, the Vision Pro seemingly marks the beginning of a new device category for Apple. In other words, it might not be a one-off device but the start of a […]

    • By Mihai Matei
    • 7 hours ago
    Apple’s logo is now a heatsink

    Apple’s logo is now a heatsink

    Apple's latest iPad Pros announced earlier this week must look quite interesting even for Samsung. The new models are the industry's first to use Tandem OLED displays supplied by the Korean tech giant (and LGD) and boast a few other innovations that garnered attention in the media. A few examples are that the new iPad […]

    • By Mihai Matei
    • 2 days ago
    The Galaxy experience can be messy for first-time users

    The Galaxy experience can be messy for first-time users

    Some say it's always better to have more options, but it's never as clear-cut as it sounds. This design philosophy doesn't always work, and more importantly, it isn't a magical shortcut that can patch everything up and always lead to a better user experience. On the contrary, if not handled properly, I believe the “more […]

    • By Abhijeet Mishra
    • 4 days ago
    Buying a low or mid-range Galaxy phone is getting confusing again

    Buying a low or mid-range Galaxy phone is getting confusing again

    A few years ago, Samsung went on a crusade to abolish the confusopoly it inadvertently created by offering too many choices in the low and mid-range Galaxy phone market segments. The company disposed of the Galaxy J series and simplified things. It focused solely on a few Galaxy A models, and in markets such as […]

    • By Mihai Matei
    • 1 week ago
    Samsung displays to power cutting-edge Racing Unleashed sim rigs

    Samsung displays to power cutting-edge Racing Unleashed sim rigs

    Sim racing gained a lot of popularity in recent years, with many more enthusiasts than ever wanting to experience the thrill of racing or driving from the comfort of their homes. Incidentally, Samsung display technologies and sim racing often overlapped, and that's even more true now that Samsung and Racing Unleashed have entered a new […]

    • By Mihai Matei
    • 1 week ago
    Here comes a new challenger! Samsung meets Street Fighter 6

    Here comes a new challenger! Samsung meets Street Fighter 6

    Samsung found a new way to challenge the memory market by partnering with Capcom for a marketing campaign starring Samsung SSDs and Capcom's iconic fighting game, Street Fighter 6. The Korean tech giant has launched a new promotional video featuring Street Fighter 6 footage and some of its SSD solutions aimed at PC and console […]

    • By Mihai Matei
    • 1 week ago