Joining forces to build Vietnam - Korea electronics supply chain

Mr. Vu Ba Phu, Director of the Trade Promotion Agency ( Ministry of Industry and Trade ), said that South Korea is currently Vietnam's third largest trading partner (after China and the United States), and is also the largest direct investor in Vietnam. The two countries aim to increase bilateral trade turnover to 150 billion USD by 2030, in a more balanced direction.

The electronics industry plays a key role in bilateral economic cooperation, accounting for a large proportion of import and export turnover and is one of the sectors attracting the most FDI capital from Korea to Vietnam.

Leading corporations such as Samsung, LG, SK Hynix have invested tens of billions of USD in Vietnam, turning Vietnam into a large-scale electronics manufacturing and export center of the world .

Samsung currently accounts for about 20% of Vietnam's total export turnover, with factories in Bac Ninh, Thai Nguyen and Ho Chi Minh City; LG focuses on producing screens and home appliances in Hai Phong; SK Hynix expands investment in the semiconductor sector.

Korean electronics projects not only bring in large FDI capital but also create jobs for hundreds of thousands of workers, contributing significantly to the development of the global electronics supply chain in Vietnam, promoting technology transfer, improving management skills, increasing the localization rate and developing Vietnam's supporting industry.

Mr. Bok Dug Gyo, Head of Korea Desk, commented that Vietnam is affirming its position as an important global manufacturing center, attracting the attention of international investors in many high-tech fields. This is clearly demonstrated through key industries such as home appliances, consumer electronics, renewable energy and electric vehicles.

The consumer electronics and home appliances industry is growing strongly with key products such as televisions, refrigerators, washing machines, and smartphones. The domestic home appliances market is estimated at 12.5-13 billion USD and is expected to continue to grow.

The semiconductor and components industry is also growing, although it still relies on imported raw materials. Electric vehicles, renewable energy, medical equipment and lighting are emerging as potential new sectors.

To join forces to develop the Vietnam-Korea electronics supply chain more effectively, delegates participating in the discussion said that Korean enterprises can cooperate with the Vietnam Electronics Business Association and domestic organizations to implement training programs and seminars on advanced technologies such as AI, IoT, semiconductor chip manufacturing; and at the same time, build a joint research center in Vietnam.

Along with that is expanding joint venture projects, building factories to produce high-end electronic components to reduce import dependence and increase added value. In addition, organizing joint fairs and exhibitions; establishing an online B2B platform; cooperating in research and development of green products...

Source: https://hanoimoi.vn/hop-luc-xay-dung-chuoi-cung-ung-dien-tu-viet-han-712657.html