When Samsung Electronics chairman Jay Y. Lee met Vietnam's prime minister in July, he had a simple message to convey. "Vietnam's success is Samsung's success, and Vietnam's development is Samsung's development," Lee told Pham Minh Chinh, pledging long-term investment to make the country its biggest manufacturing base for display products.
Since the South Korean conglomerate entered Vietnam in 1989, it has poured billions of dollars into expanding its global manufacturing footprint beyond China. Many of its peers followed after U.S. President Donald Trump placed tariffs on Chinese goods in his first term.
The pioneering move has made Samsung Vietnam's biggest foreign investor and exporter. About 60% of the 220 million phones Samsung sells each year globally are made in Vietnam, and many are destined for the U.S., where Samsung is the No. 2 smartphone vendor, according to research firm Counterpoint.
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