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Samsung Electronics considering building another Vietnam plant: Local official

Samsung Electronics considering building another Vietnam plant: Local official

The logo of Samsung Electronics is seen at its office building in Seoul, South Korea January 7, 2019. REUTERS/Kim Hong-Ji

HANOI: Samsung Electronics 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 (Sep 27).

"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 US$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, who was not authorised 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 per cent in the first eight months of 2019 compared with the same period a year earlier to US$33.39 billion, government customs data showed. 

Source: Reuters/gs

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