Samsung Electro-Mechanics to Invest Over 1 Trillion Won in Vietnam... Expanding Production Facilities
[Asia Economy Reporter Jeong Hyunjin] Samsung Electro-Mechanics has decided to invest an additional $920 million (approximately 1.1 trillion KRW) in Vietnam to expand the production capacity of its printed circuit board (PCB) factory and other facilities in northern Vietnam.
On the 17th, the Vietnamese Ministry of Industry and Trade announced in a statement that Samsung Electro-Mechanics plans to expand the production capacity of PCBs and other mobile phone components at its factory in Thai Nguyen Province. With this investment, Samsung Electro-Mechanics' local investment has increased from $1.35 billion to $2.27 billion.
The Thai Nguyen provincial government welcomed Samsung Group's increased investment and emphasized that they will cooperate to expedite legal procedures related to the investment.
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Samsung Electro-Mechanics built the local factory in 2015 with an investment of $1.35 billion and, as of the end of October last year, employs more than 6,500 workers. The Vietnamese government stated that Samsung submitted documents to local authorities in December last year for the additional investment.
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