Deputy Prime Minister Trinh Dinh Dung speaking at the event. (Photo: vnexpress.net)

The signing ceremony was witnessed by Deputy Prime Minister Trinh Dinh Dung.

Currently, Bac Ninh attracts nearly 1,600 FDI projects with a total registered capital of USD19.8 billion, of which projects from the Republic of Korea account for more than 60% and Samsung Company alone makes up nearly 50%, with USD9.3 billion. 

Under the MoU, the program will be carried out from 2020 to 2025, and include two main parts: a business improvement consultation sub-programme and another to develop a network of suppliers.

It aims to annually raise the contribution of Vietnamese businesses operating in Bac Ninh within the industrial production value created by Samsung until 2025. 

Samsung will assist Vietnamese businesses in Bac Ninh to improve competitive capacity through ameliorating production and managing quality. 

For the sub-program to develop a network of suppliers, domestic businesses in Bac Ninh are given priority to supply products and services in which the province has strengths, such as: food, agricultural products, medical services, supporting industrial products and transport, if they meet Samsung’s requirements for suppliers.

The signing of the program creates a premise for Samsung to share its experience with supporting industry enterprises in the northern locality, and helps them ensure competitiveness in production and reach the international market. 

In his speech at the event, Deputy Prime Minister Trinh Dinh Dung hopes that Samsung Group will show its responsibility and assistance to Vietnam in developing and building numerous supporting businesses, increasing the value of products, and raising the proportion of local input in production. Therefore, Vietnam will become one of the biggest suppliers in Samsung’s production chain.

On the sideline, an agreement on providing technical assistance for potential suppliers in Bac Ninh was also signed./.

BTA