Samsung Vietnam Starts Building $2 Billion Plant

The Vietnam unit of Samsung Electronics Co. (005930.SE) has started building a $2 billion plant in northern Vietnam, as it seeks to expand its production base in the country, a provincial official said.
Samsung Electronics Vietnam Ltd. on Monday started construction on the plant in Yen Binh Industrial Park in Thai Nguyen province, which is expected to be operational from the end of this year, said Duong Ngoc Long, the chairman of the province.

Mr. Long said the plant will mainly produce mobile phones, cameras and laptops.
Company executives weren't immediately available for comment.

The plant will produce 10 million products a month, according to a report in the Dau Tu newspaper, which is run by the Ministry of Planning and Investment.

This will be Samsung's third plant in Vietnam, after a $1.5 billion electronics plant in Bac Ninh province and another in Ho Chi Minh City, the report said. It added that Samsung Vietnam Electronics is targeting exports of $16.5 billion this year, up from $12.7 billion last year.

Fox Business