Samsung invests $1.2b in Vietnam

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Samsung VietnamSamsung Electro-Mechanics Co., part of South Korea’s Samsung Group, has won a license to invest $1.2 billion in electronics production in Vietnam, the latest South Korean company seeking to expand production in the Southeast Asian country.

The company on Wednesday received the license from the People’s Committee of Thai Nguyen province to build a plant in the province’s Yen Binh I Industrial Park, the committee said in a statement on October 3. Construction of the plant will take four years, the committee said, adding that the plant will produce components for telecommunication equipment and mobile devices.

Vietnam is becoming increasingly important as a manufacturing base for electronics makers looking to take advantage of a low-cost and well-educated workforce. The country, with a population of 92 million people, has attracted other global electronics companies such as Samsung Electronics Co., Foxconn Technology Co., Intel Corp., LG Electronics and Canon Inc.

LG Electronics Inc. said last month it will spend up to $1.5 billion over the next ten years to expand its production of household appliances and other electronics products in Vietnam.

Samsung Electronics earlier this year started building a $2 billion complex in the northern province of Thai Nguyen to produce smartphones and other electronics products. It currently has a plant in Bac Ninh province and another in Ho Chi Minh City.

Just recently, Samsung C&T Corp. signed a memorandum of understanding with Vietnam’s Ministry of Planning and Investment to invest in infrastructure projects in the Southeast Asian country.

The agreement will pave the way for the company to invest in power plants, airports, chemical engineering and shipyards in Vietnam, the company said in an earlier statement.

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Reading Time: 2 minutes

Samsung Electro-Mechanics Co., part of South Korea’s Samsung Group, has won a license to invest $1.2 billion in electronics production in Vietnam, the latest South Korean company seeking to expand production in the Southeast Asian country.

Reading Time: 2 minutes

Samsung VietnamSamsung Electro-Mechanics Co., part of South Korea’s Samsung Group, has won a license to invest $1.2 billion in electronics production in Vietnam, the latest South Korean company seeking to expand production in the Southeast Asian country.

The company on Wednesday received the license from the People’s Committee of Thai Nguyen province to build a plant in the province’s Yen Binh I Industrial Park, the committee said in a statement on October 3. Construction of the plant will take four years, the committee said, adding that the plant will produce components for telecommunication equipment and mobile devices.

Vietnam is becoming increasingly important as a manufacturing base for electronics makers looking to take advantage of a low-cost and well-educated workforce. The country, with a population of 92 million people, has attracted other global electronics companies such as Samsung Electronics Co., Foxconn Technology Co., Intel Corp., LG Electronics and Canon Inc.

LG Electronics Inc. said last month it will spend up to $1.5 billion over the next ten years to expand its production of household appliances and other electronics products in Vietnam.

Samsung Electronics earlier this year started building a $2 billion complex in the northern province of Thai Nguyen to produce smartphones and other electronics products. It currently has a plant in Bac Ninh province and another in Ho Chi Minh City.

Just recently, Samsung C&T Corp. signed a memorandum of understanding with Vietnam’s Ministry of Planning and Investment to invest in infrastructure projects in the Southeast Asian country.

The agreement will pave the way for the company to invest in power plants, airports, chemical engineering and shipyards in Vietnam, the company said in an earlier statement.

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