Samsung Electronics To Come With Another Vietnam Plant

Samsung Electronics is studying the possibility of building another factory in northern Vietnam, whereas Samsung has already the South Korean electronics giant's key production base

Samsung is looking to lease an area of 500-1,000 hectares in Hoa Binh province to build a factory to produce electronics products," a senior official of the province, as per the Reuters report.

Samsung already has more than $17.3 billion in eight factories and a research and development centre in Vietnam, is the country's largest single foreign investor and accounts for around one-fifth of total exports.

"We welcome the investment from Samsung and will create the most favourable conditions for the company to do business here, in terms of infrastructure, labour and administrative procedures," said the official.

Vietnam's exports of smartphones and electronic components, mostly produced by Samsung Electronics, rose 5.6% in the first eight months of 2019 compared with the same period a year earlier to $33.39 billion, government customs data showed, as per the report.