Vietnamese Prime Minister to Visit Korea to Discuss Samsung's Investment
Vietnamese Prime Minister to Visit Korea to Discuss Samsung's Investment
  • by Korea IT Times(info@koreaittimes.com)
  • 승인 2014.10.01 23:43
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SEOUL, KOREA - Samsung Group is recreating the miracle on the Han River in Vietnam.Based on inexpensive labor cost with abundant supply of quality workers, the company is boosting its price competitiveness in electronics manufacturing. 
 
Beginning with the construction of a second mobile phone assembly plant in Thai Nguyen Province in the northeast, Samsung Electronics decided to break the ground the world's largest home appliance factory in the south by 2017. With Samsung Electronics as a bellwether, other group affiliates such as Samsung Electro-Mechanics and Samsung Display have also begun building manufacturing plants of their own.
 
In his state visit to Korea, Vietnamese Communist Party General Secretary (Prime Minister) Nguyen Phu Trong met the top management of Samsung Group including vice chairman Lee Jay-yong. This is a clear sign that the Vietnamese government is willing to strengthen business ties with the Korean company. On October 1, the General Secretary will have a meeting with the Samsung vice chairman to discuss issues such as the construction of a home appliance plant to be established in the Saigon High-Tech Park in Ho Chi Minh City. 
 
It is estimated the 700,000-square-meter plant will cost about US$1 billion and produce TVs, air-conditioners, washing machines, and refrigerators. An industry official commented, "The electronic appliance project is the most important issue for both the Vietnamese government and Samsung Electronics. Given the fact that the Vietnamese economy got a big boost since Samsung began to run the mobile phone factory in the north, the top government officials expect a lot from the new project."

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