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Samsung to invest US$3b in second Vietnam plant
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SOUTH Korea’s Samsung Electronics Co has applied for a license to invest US$3 billion in building a second smartphone factory in northern Vietnam, a government official said yesterday.
Samsung Electronics Vietnam plans to build the factory in Thai Nguyen province, where it opened a US$2 billion smartphone plant in March, said a senior official at the province’s Planning and Investment Department.
“We are working on the project,” said the official, confirming an earlier report by Dau Tu, a newspaper controlled by Vietnam’s Planning and Investment Ministry. “There are still a few things to fix.”
The official was not authorized to speak to media on the matter and so declined to be identified by name.
A Samsung spokeswoman said the company is in discussions with Vietnam’s government to invest up to US$3 billion in its handset business. The schedule for the spending and how much will ultimately be spent have yet to be decided, she said.
Samsung has been increasing production in Vietnam to reduce costs and better compete with the low-priced smartphones of Chinese rivals in particular.
A subsidiary of the electronics giant, Samsung Display Co Ltd, said in July it received regulatory approval to build a US$1 billion display module assembly plant in the country.
Samsung Electronics’ latest move would bring its total funding pledges in Vietnam this year to around US$11 billion, according to Dau Tu newspaper, whose controlling ministry oversees foreign investment.
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