Samsung Electronics considering building another Vietnam plant: local official
Reuters
Published Sep 27, 2019 03:07AM ET
Samsung Electronics considering building another Vietnam plant: local official
By Khanh Vu and Phuong Nguyen
HANOI (Reuters) - Samsung Electronics Co Ltd (KS:005930) is studying the possibility of building another factory in northern Vietnam, already the South Korean electronics giant's key production base, a local official said on Friday.
"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 told Reuters.
Samsung, which has invested more than $17.3 billion in eight factories and a research and development center 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 favorable conditions for the company to do business here, in terms of infrastructure, labor and administrative procedures," said the official, who was not authorized to speak with media on the matter and so declined to be identified.
Samsung did not respond to Reuters' emails seeking comment.
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.
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Written By: Reuters
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