At a recent meeting with officials of Thai Nguyen province, Mr. Choi Joo Ho affirmed that the information about Samsung's transfer of the smartphone production line from Vietnam to India was incorrect.

The website of Thai Nguyen province on March 17 quoted Mr. Choi Joo Ho as saying that products manufactured in India mainly serve the domestic market and a small part are exported to African countries. Samsung products manufactured in Vietnam are exported to 128 countries. Thus, the output of Samsung's factory in Vietnam is not affected by output in India.

The construction of Samsung Electronics Vietnam - Thai Nguyen (SEVT) started in March 2013, with a capital of 2 billion USD. After one year, the capital for the project increased to 3 billion USD. After that, Samsung made commitments to increase investment capital and expand production in Thai Nguyen.

Most recently, Samsung raised capital by 1.187 billion USD for the Samsung Electro-Mechanics Vietnam factory in Thai Nguyen, bringing the total investment in the province to more than 7.5 billion USD.

Samsung is preparing for a semiconductor manufacturing test run and might start mass-producing chip transistors at its Electro-Mechanics factory in the Thai Nguyen province this May. Samsung apparently wants its Thai Nguyen facility to be capable of mass producing semiconductor chip grid products from November 2023 onward. In 2023, Samsung in Thai Nguyen targets a growth rate of 5 percent. 

At the meeting, the two sides discussed the issue of global minimum tax. Accordingly, in order to avoid affecting the competitiveness of Samsung Vietnam, Samsung Group wants the Vietnamese Government to quickly have a solution on this.

The leader of Thai Nguyen pledged to stand by Samsung on global minimum corporate tax rate and extricate business difficulties here.

Hai Phong