Samsung Vietnam plans $32 billion export value in 2015
Samsung Vietnam plans $32 billion export value in 2015
Samsung’s plan for $32 billion in export value was submitted to Prime Minister Nguyen Tan Dung by the Minister of Planning and Investment Bui Quang Vinh on Monday.
Vinh said the Ministry of Planning and Investment had examined Samsung Vietnam’s exports in 2014 and confirmed the figure of $26.3 billion.
For the 2015 plan, Minister Vinh said that Samsung Vietnam has had two new factories in Bac Ninh and Thai Nguyen, but its turnover has dropped because of Apple’s competition. Currently, it has passed Apple and Huawei (China) thanks to the new product - a steel-covered Galaxy.
"Samsung has announced its export plan of $30 billion this year. We have checked the two factories in Thai Nguyen and Bac Ninh and saw that the Thai Nguyen factory can yield at least $16-18 billion and $18 billion for the Bac Ninh factory, so it is almost certain that Samsung Vietnam can reach $32 billion or more," Vinh said.
In addition, the Minister said that Vietnam’s trade deficit in 2015 may stem from the strong increase of domestic production, and the rising demand for machinery..
"With the current structure of Vietnam's economy, a trade deficit of 8% is normal,” Vinh said.
He said Vietnam should restrict exports of coal and minerals by raising taxes.
