Samsung to add $830 mln to Vietnam market

Samsung will pour US$830 million more into Vietnam by building a new production plant in the northern province of Bac Ninh.

The provincial authorities have just granted an investment license to the South Korean tech giant’s local business, Samsung Electronics Vietnam, that allows it to construct a facility for producing mobile phones and other electronic products.

This will be its second such plant in the county, and is expected to merge with Samsung’s current facility in the same province to form the so-called Samsung Complex, worth around $1.5 billion in total.

The company inaugurated its existing facility, which cost $700 million to build, in October 2009 to make mobile phones for the global market.

The plant has attracted 53 sub-investors and provided work for 24,000 people since its opening.

It is expected to churn out an estimated 100 million cellphones and yield over $10 billion in exports this year.

Source: Tuoi Tre