The Vietnamese Government has given green signal for Samsung’s $3bn smartphone production facility in northern Vietnam.
The smartphone maker currently operates a $2bn smartphone plant in Thai Nguyen province in northern Vietnam, and is expected to construct another factory in the same region.
The new facility is expected to reduce production cost and help the company compete in the market against low-priced smartphones made by Chinese companies.
International Business Times cited Dau Tu newspaper reporting that the latest investment will bring the company’s total investment in Vietnam to $11bn this year.
It also cited that the company’s first smartphone plant in Vietnam generated $1.9bn in export revenue, according to Thai Nguyen provincial Government.
Samsung has also received investment license for a $1.4bn project to be developed by Singapore-based Samsung Asia to set up a consumer electronics plant in Ho Chi Minh City, reported Tuoitrenews.
Apart from Vietnam Samsung has invested $1.7bn in Shanghai-based plant and it is expanding its production in China with a new $7bn plant in Xi’an.
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