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VN received $80 billion in income from Samsung and LG

July 27, 2023 14:58 PM

Only two FDI enterprises, Samsung and LG, have earned more than $80 billion in revenue for Vietnam.
Samsung and LG are two of the most important Korean electronics companies investing in Vietnam. Both groups constructed production plants in Vietnam and invested in additional projects in the electronics and consumer electronics industries.

Samsung – The largest Korean FDI in Vietnam

Samsung made its first investment in Vietnam in 2008, when it built its first facility in Bac Ninh. Following that, the corporation continued to build more factories. Samsung’s factories are focused on creating mobile phones, tablets, home appliances, and other electronic items. The most visible are four Samsung Thai Nguyen facilities, including Samsung Display Vietnam, Samsung Electronics Vietnam, and Samsung HCMC CE Complex. In 2022, the cumulative sales of four factories exceeded $71 billion.

Samsung Corporation Company Sales in Vietnam

Not only does Samsung create jobs, but it also helps to increase Vietnam’s manufacturing and export capabilities. Because of Samsung’s investment, Vietnam’s electronics sector has become an essential element of Samsung’s worldwide supply chain. “Made in Vietnam” goods of Samsung have been sold to numerous markets across the world.

LG – a Korean FDI group investing the most in Haiphong

LG, like Samsung, is a significant Korean FDI group investing in Vietnam. LG primarily manufactures consumer electronics and home appliances.

In 2016, LG Innotek invested US$550 million in Hai Phong. By 2018, the organization had raised $500 million, effectively doubling the project’s size. Currently, the business holds seven projects in Hai Phong, with a total investment of approximately $10 billion.

LG Corporation Company Sales in Vietnam

LG Innotek Vietnam‘s revenue surpassed $3.4 billion in 2022, with total income from LG factories in Vietnam exceeding $10 billion.

LG’s investment in Vietnam has also produced jobs, boosted production and export capacity, and aided the growth of Vietnam’s electronics and consumer electronics sectors.

Vietnam is prepared to welcome “giant” investment

Vietnam is ready to welcome international investors, especially “giant” investments, which are major corporations with substantial financial capability and the potential to have a significant influence on the country’s economy and growth.

Vietnam’s welcoming investment is evident in the establishment of a friendly business climate, as well as the provision of supportive regulations and benefits to international investors. The government has implemented changes to reduce administrative regulation and make it easier for businesses to invest in Vietnam. Furthermore, Vietnam has signed free trade agreements with a number of nations, which improves market access and expands corporate size.

Vietnam is an appealing destination for investors due to its benefits as a supply of young labor, reasonable pricing, favorable geographic position, and economic growth potential.

Furthermore, Vietnam’s rental industrial real estate is exceptionally strong and consistently matches the demands of international enterprises operating in Vietnam. GNP Nam Dinh Vu in Hai Phong and GNP Dong Van 3 in Ha Nam are two of the most noticeable. Both projects are of world-standard design and have the necessary infrastructure in place to allow the leasing firm to begin operations immediately.

Foreign enterprises investing in Vietnam need to lease industrial property; for further information, please call Hotline +84 789 75 77 88.

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