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Samsung to build $3 billion plant in Vietnam

Staff writer |
Samsung Electronics has applied for a license to invest $3 billion in building a second smartphone factory in northern Vietnam, a government official said.

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Samsung Electronics Vietnam plans to build the factory in Thai Nguyen province, where it opened a $2 billion smartphone plant in March, said a senior official at the province's Planning and Investment Department.

"We are working on the project. There are still a few things to fix.," said the official, confirming an earlier report by newspaper Dau Tu of Vietnam's Planning and Investment Ministry, a newspaper controlled by Vietnam's Planning and Investment Ministry.

Samsung has been increasing production in Vietnam to reduce costs and better compete with the low-priced smartphones of Chinese rivals.

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