Samsung eyes investment expansion in Vietnam

October 15, 2012 | 08:30

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Samsung, a South Korean tech group, is planning to pour more money into Vietnam with the construction of two new production facilities.

Samsung

Samsung chairman Lee Kun Hee was cited by the government’s portal as saying Friday that the group is conducting studies to construct another technology complex in Vietnam following the success of the first in the northern province of Bac Ninh.

The plan follows Samsung's strong performance in Vietnam so far, Lee added, asserting there are still plenty of opportunities for investment in the country.

The facility in Bac Ninh has attracted 53 sub-investors that employed 50,000 workers since its inception four years ago.

It provides work for 24,000 people and makes 11 million products each month.

The conglomerate expects the production complex to yield over $10 billion in exports this year.

In a related development, the cellphone arm of Samsung said Saturday that it will build a $700 million cellphone manufacturing plant in the Southeast Asian country.

South Korean Yonhap News Agency reported that this decision came as part of the phone maker’s efforts to expand its global production lines.

Samsung is weighing up two northern locations for the plant, one in an agricultural area of Thai Nguyen Province and the other in the port city of Haiphong, the agency said, citing company officials.

The arm has operated a cellphone production chain that can produce 150 million products every year in Bac Ninh since 2009.

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