Samsung provides financial support to business partners entering Vietnam

Samsung has begun providing financial assistance for product and management stabilization to business partners entering Vietnam who is facing difficulties due to forced production due to the spread of COVID-19.

Samsung announced on the 5th that it was operating an emergency production system despite the severe spread of the COVID-19 in Vietnam, giving interest-free loans to 120 partner companies. Providing loans of a total of 220 billion recovered from its difficulties together.

About 80 partner companies have applied so far. Of these, about 50 companies have won a total of $100 billion and the remaining 30 partners will receive financial assistance respectively.

In the vicinity of Hanoi and Ho Chi Minh, where Samsung Electronics’ partner companies are located, the COVID-19 outbreak lasted from May to September, closing all areas or industrial premises. The local government came to work and restricted the movement of all residents and also regulated business activities.

Companies that require operations for production and export should set up temporary housing and housing facilities in or near their offices and maintain a separate production system that can produce partial production on the condition that the restrictive measures are fully implemented.

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Samsung actively collaborates with the central and local governments of Vietnam to prioritize immunization for employees of partner companies, as well as assist partner companies in producing quarantines in nearby schools.

Samsung Electronics plans to continue to provide support to subcontractors’ practical needs to address their difficulties.