Samsung Electronics to Build Second Smartphone Factory in Northern Vietnam

2014-11-11
Published : Nov-2014

According to sources, Samsung Electronics Co Ltd of South Korea has applied for a license so that it can invest $3 billion in building a second smartphone factory in northern Vietnam.

Samsung Electronics Vietnam plans to build the factory in Thai Nguyen province, where it opened a $2 billion smartphone plant in March. According to a senior official at the province’s Planning and Investment Department, they are working on the project and there are still a few things that need to be fixed.

A Samsung spokeswoman said that the company is in discussions with Vietnam’s government to invest up to $3 billion in its handset business. The schedule for the spending and how much money will ultimately be spent is yet to be decided.

In Vietnam, Samsung has been increasing production to reduce costs primarily to compete with the low-priced smartphones of Chinese rivals.

Samsung Display Co Ltd, a subsidiary of the electronics giant said that in July it received regulatory approval to build a $1 billion display module assembly plant in the country.

Samsung Electronics’ latest move would bring its total investment pledges in Vietnam to approximately $11 billion, whose controlling ministry oversees foreign investment.

Last year, mobile accessories and phones became Vietnam’s biggest cash earner, taking over textile. This year, during January-October period, export revenue reached around 15 percent or $19.2 billion of the country’s total.

According to the Thai Nguyen provincial government, Samsung’s first smartphone plant in Vietnam, was built with an investment of $2 billion and it generated $1.9 billion in export revenue in its first four months of operation.

The government of Vietnam said that Samsung’s total revenue is expected to jump over 67 percent to $13.4 billion next year from $8 billion projected for 2014.

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