Samsung Electronics Co., Ltd (SEV) issued a statement on October 13 announcing plans to invest US$700 million in building a new mobile phone production factory in Vietnam.
A Vietnam News Agency correspondent based in Seoul, the Republic of Korea, says this is part of the company’s efforts to expand its global production chain.
SEV, a subsidiary company of the world’s leading mobile phone maker, is considering building the factory in one of two northern Vietnam locations—either the northern province of Thai Nguyen, or the port city of Hai Phong.
SEV has run a mobile phone production factory in Yen Phong, a rural area in Vietnam’s northeastern region, since 2009. The factory has a design capacity of 150 million products each year.