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Samsung plans new Vietnam production plant

Posted: 16 Oct 2012 ?? ?Print Version ?Bookmark and Share

Keywords:mobile phone? production facility? technology complex?

Samsung Electronics is mulling over opening a new mobile phone production facility in Vietnam following its successful operations in Bac Ninh province, several local news outlets reported last week. Building a technology complex will ring Samsung up by $700 million.

Samsung Electronics Vietnam is reportedly eyeing two northern locations, Thai Nguyen and port city Hai Phong, for the planned site. Thai Nguyen, which lies some 70km from the capital city of Hanoi, is mainly an agricultural town.

Chairman Lee Kun-hee said to reporters during his Hanoi visit that the South Korean firm is looking to expand its global production lines and that Vietnam is a "dynamic country" where investments could yield substantial growth, according to Yonhap News Agency.

Samsung's plant at the Yen Phong Industrial Zone in Bac Ninh plant was opened back in 2009 and has since produced a yearly output of more than 100 million products, with an estimated sales reach of $10 billion and export value of $9.5 billion. It employs over 20,000 workers.

Samsung petitioned for incentives late last year when it proposed an expansion project in Bac Ninh. Vietnam's Ministry of Planning and Investment announced last month that it will review and revise the company's investment certificate to accommodate the incentives requested. If the planned expansion pushes through, Samsung is expected to raise its capital spending in the region from $670 million to $1.5billion in the 2015-2020 period.

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