Samsung Electronics considering building another Vietnam plant: local official

This post was originally published on this site

By Khanh Vu and Phuong Nguyen

HANOI (Reuters) – Samsung Electronics Co Ltd (KS:) 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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.