VIETNAM AND SOUTH KOREA WILL CONTINUE TO COOPERATE FOR THE BENEFIT OF BOTH CONTRIES - OTIS LAWYERS

Minister Ho Duc Phoc, in a meeting with Mr. Choi Joo Ho - General Director of Samsung Vietnam Complex and the working delegation of Samsung Group, held this morning (February 28). Deputy General Director of the General Department of Taxation Dang Ngoc Minh and representatives of leadership from several units under the Ministry also attended.

Welcoming General Director Choi Joo Ho and the Samsung delegation to visit and work with the Ministry of Finance of Vietnam, Minister Ho Duc Phoc highly appreciated the production and business results of Samsung Group in Vietnam, contributing to significant export potential and growth, and supporting the development of technology.

"The investment and business deployment of Samsung Group in Vietnam have created jobs and had positive impacts on socio-economic progress, helping Vietnam establish an ever-developing economy and actively participate in the global integration process in a substantial and effective manner. The Ministry of Finance always actively creates favorable conditions for Samsung and foreign investors to invest in production, business in Vietnam." - Minister Ho Duc Phoc emphasized.

According to the Minister, the Vietnamese Government and Ministry of Finance have recently created favorable conditions to encourage foreign companies, such as Samsung Group, to invest in Vietnam. This is particularly significant amidst the challenges posed by the Covid-19 pandemic, global economic instability, and political changes.

The Minister informed that in early March 2024, a working delegation from the Ministry of Finance of Vietnam is scheduled to visit and work in South Korea. According to the schedule, the Minister will preside over an Investment Promotion Conference with South Korean companies. Besides, the Minister will have a working session with the global financial director of Samsung Group and visit the Samsung Electronics High Technology Center in Suwon.

"The Ministry of Finance hopes that the working visit to South Korea will bring about many positive results in introducing preferential policies, business environment, and financial market of Vietnam to create favorable conditions for companies, especially Samsung, to invest in Vietnam." - The Minister expressed.

During the meeting, Minister Ho Duc Phoc and representatives from the General Department of Taxation, General Department of Customs, Management and Supervision Department of Tax, Fees, and Charges responded satisfactorily and clearly to some of Samsung's proposals related to incentives for companies, value-added tax refunds, etc.

According to the Minister, currently, tax policies in general, and tax incentive policies in particular, do not differentiate between domestic and foreign investors. The Vietnamese Government always creates conditions for foreign-invested companies, in general, and South Korean companies in Vietnam, to operate within the framework of the law, ensuring the effectiveness and enforcement of policies.

On behalf of the working delegation, General Director Choi Joo Ho highly appreciated the support of the Vietnamese Government and reaffirmed that Vietnam is an important global manufacturing center and a significant partner of the company.

According to General Director Choi Joo Ho, Samsung has made great efforts to contribute to the development of the Vietnamese economy and provide employment for thousands of workers. Samsung trusts that the Vietnamese Government will continue to address and remove difficulties for the company during its production and business activities.

At the working session, General Director Choi Joo Ho also provided updates on Samsung's business results in 2023, development plans for 2024, and listened to the Minister's opinions to formulate long-term investment plans in Vietnam for the group.

"Samsung Electronics Corporation hopes to maintain the partnership and support of the Ministry of Finance of Vietnam and the Vietnamese Government in general to achieve sustainable development for the company." - General Director Choi Joo Ho also expressed.

The General Director of Samsung Vietnam Complex added that in January, Samsung launched new products with AI applications and received positive responses from the global market, expecting that Samsung will achieve a 10% growth target in 2024.

Regarding investment capital disbursement, the representatives of Samsung Vietnam stated that in 2023, Samsung disbursed 2 billion USD, and the total accumulated investment of the Group in Vietnam is over 22 billion USD. The representatives highly appreciated the Vietnamese Government and the Ministry of Finance of Vietnam for always resolving and removing obstacles for Samsung during its production and business processes.

During the working session, Samsung Group submitted some proposals and recommendations related to production and business activities in Vietnam to the Minister of Finance.

Listening to the proposals and recommendations from Samsung, Minister Ho Duc Phoc affirmed that operations, production, and business cannot be without challenges. However, based on whatever challenges arise, the Ministry of Finance of Vietnam will cooperate with Samsung to resolve them, ensuring compliance with the law, authority, and transparency.

At the end of the meeting, Minister Ho Duc Phoc and General Director Choi Joo Ho expressed their trust and desire that, based on the foundation of the good relationship between Vietnam and South Korea, the achieved cooperation results, and the trust, Samsung will maintain its position as one of the leading companies, promote bilateral economic cooperation between Vietnam and South Korea, through implementing many strategic initiatives, making continuous efforts to improve business efficiency, and expanding investment efforts to achieve higher goals in the coming years.

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