Samsung C&T : Samsung Group Enters Strategic Partnership with Vietnam

Samsung Group has established Global Strategy Office(GSO), which is operated by Samsung C&T, as part of its efforts to build global strategic partnerships with countries that have enormous growth potential.

Global strategic partnerships are a business model in which Korea's diverse expertise in the area of economic development and Samsung's business competencies and knowledge are organically transferred to foreign countries, in order to propose and implement complex infrastructure building projects. Global strategic partnerships are win-win business models that contribute to the economic development of the countries that are beneficiaries, and are new global advancement strategies for shared prosperity.

Samsung Group selected Vietnam as the first strategic partner and organized a delegation led by Vice Chairman Yeon-joo Jung of Samsung C&T The delegation, which included Samsung C&T, Trading & Investment Group, President & CEO Shin Kim, SERI President & CEO Ki-young Jeong and Samsung Engineering President & CEO Jung-heum Park, visited Hanoi on Sep 30th. Samsung C&T, as an operator of the project, arranged the visit by the delegation.

The delegation visited Vietnamese Prime Minister Nguyen Tan Dung and Deputy Minister Nguyen Van Trung of the Ministry of Planning and Investment at the government office building in downtown Hanoi. Both parties entered into an MOU to cooperate on priority programs for the Vietnamese government, including power, urban development, airports, chemical engineering, shipbuilding and public ICT programs.

Samsung Group expects that the MOU will enable the Group to develop detailed plans to participate in the 1,200MW-class thermal plant construction and operation project, which Vietnam is promoting as part its national power development plan. In addition, the Group will actively discuss approaches to phased participation in major infrastructure building projects, including the Hanoi urban development project and the national shipyard management normalization project.

SERI and the Development Strategy Institute of Vietnam jointly invited more than 150 government officials and academic and business leaders to Hanoi Intercontinental Hotel for the morning of the 30th, and organized a seminar to share Korea's model of economic development and discuss measures for mutual cooperation.

The Group selected Vietnam as its first partner as the demand for infrastructure has grown rapidly in Vietnam thanks to its accelerated economic growth, the trust between two countries was strengthened by the official visit by President Geun-hye Park, and the two countries are expanding business and trading cooperation.

In addition, the fact that Samsung Electronics employs approximately 40,000 workers in Vietnam to produce more than 0.12 billion units of mobile phones per year, and that a large-scale R&D Center and a 2nd plant are being established in Hanoi, the capital city of Vietnam, were considered favorable factors.

Samsung is reviewing the feasibility and business potential of partnerships with other countries in Southeast Asia, Central Asia and Africa, in addition to Vietnam. It will fully utilize the competencies and expertise of its affiliates based on the long-term roadmap to continuously develop businesses, and identify ways to cooperate with the governments of different countries.

Samsung Group will use domestic expert groups other than members of affiliates. When each project has been clearly defined, the Group will actively review and implement measures to jointly participate in the projects with promising Korean small and medium sized enterprises.