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Samsung opens $670M facility in Vietnam

Posted: 31 Mar 2008 ?? ?Print Version ?Bookmark and Share

Keywords:Vietnam facility? telecommunications? cellphones?

Samsung Electronics Co. Ltd has been granted a license to invest $670 million in Bac Ninh province, Vietnam, according to the Vietnam News Agency.

The South Korean firm will open a facility in Vietnam that will produce cellphones, telecommunications equipment, electronics parts and accessories with an annual capacity of 60 million items.

Samsung plans to farm out three fifths of the 100ha of land it leases from the Yen Phong 1 industrial park to satellite projects to ensure strong back-up to its production.

The facility will buy 40 percent of materials from domestic suppliers and provide jobs for over 20,000 local workers. The factory, scheduled to begin operations by 2010, is projected to about $2 to $5 billion annually.

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