Samsung Electronics wins $3 billion Vietnam project license
By Reuters
Nov 25, 2014 10:24 AM EST
Regions
The Samsung Electronics logo is seen on a laptop computer screen (R) in front of an advertisement board promoting Intel processors at a store in Seoul June 21, 2012. (Photo : Reuters)
South Korea's Samsung Electronics Co Ltd (005930.KS) has secured a license to invest $3 billion to expand its production in northern Vietnam, the Vietnamese government said.
The license was awarded on Nov. 17 in Thai Nguyen province, where Samsung Electronics has been operating a $2 billion smartphone plant, the government said in a statement issued late on Monday, without giving further details of the project.
Samsung Electronics has said it plans to invest up to $3 billion for its handset business in Vietnam as part of its strategy to cut costs and better compete with Chinese rivals.
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