Samsung invests $920 mln in Vietnam plant expansion

Samsung Electro-Mechanics

16/02/2022 11:19

HANOI, Feb 16 (Reuters) - South Korean electronic components
manufacturer Samsung Electro-Mechanics Co Ltd  009150.KS  will
invest $920 million in a production facility in northern
Vietnam, the Southeast Asian country said on Wednesday.    
    The investment will boost the company's existing production
in Thai Nguyen province of printed circuit boards and other
phone components, and will raise the company's total investment
$2.27 billion, the government said in a statement.        
    Vietnam, a manufacturing powerhouse, has become an
increasingly crucial part of the global technology supply chain.
It has drawn interest and investment from companies seeking to
diversify their production and reduce their exposure to China,
and because of its relative success in containing the spread of
the coronavirus.
    Vietnam has recorded 2.57 million COVID-19 cases and around
39,000 deaths. More than 76% of its population of 98 million has
received at least two vaccine doses, according to official data.
    

    

 (Reporting by Phuong Nguyen; Editing by Kanupriya Kapoor)
 ((phuong.nguyen@thomsonreuters.com; +84-24-3852-9623;))