SEOUL, KOREA - Samsung Electronics' US$3-billion investment plan currently underway in Vietnam has finally been approved. The company said on November 10 that the plan to make a large investment in the country's northeast in Thai Nguyen Province to build a mobile phone assembly plant has officially been approved.

 

Beginning in March this year, the same plant is producing 120 million mobile phones a year. The company will spend $3 billion more to expand the capacity. With this, the total investment sum in Thai Nguyen Province will have increased to $5 billion.

 

A Samsung official said, "We are looking for ways to increase the production capacity of the Thai Nguyen plant currently in operation. This is like getting an investment approval for a project we will take on in the future in advance."

 

The company has another mobile phone production facility in Bac Ninh Province in the Red River delta area with a capacity of 120 million units a year. Samsung is aggressively increasing its capacity in Vietnam by taking advantage of the government's generous incentive packages including corporate tax exemption.

 

Article provided by The Korea Economic Daily