- Samsung Electronics Co, Ltd SSNLF and LG Electronics Inc LGEIY LGEJY earmarked billions of dollars of additional investment into Vietnam.
- Samsung Electronics, the largest single foreign investor in Vietnam, will raise its total investment to $20 billion from $18 billion, Reuters reports citing the Vietnamese government.
- Samsung slashed smartphone production in Vietnam twice this year due to weaker global demand.
- Also Read: Taiwan Semiconductor Wins Apple, Nvidia As First Customers Of Arizona Plant: Report
- Samsung has for years produced about 50% of its smartphones in Vietnam, accounting for nearly 20% of the country's overall exports.
- The additional investment will further solidify Vietnam as Samsung's key production site following a meeting in Seoul between Vietnamese President Nguyen Xuan Phuc and the company's CEO, Han Jong-hee.
- LG also earmarked $4 billion more in the country to make it a smartphone camera production hub.
- LG has invested $5.3 billion in Vietnam to make products like electronics, home appliances, cameras, and car parts.
- Vietnam and South Korea upgraded their relations to a "comprehensive strategic partnership."
- They aimed to raise bilateral trade to $100 billion next year and $150 billion a year by 2030, up from $78 billion last year.
- Over the last decade, Vietnam has emerged as one of the electronics companies' most attractive production hubs.
- China's COVID controls and the regulatory clampdown on tech giants proved to be a deal breaker for the country as companies shifted production to convenient territories.
- A collective outcry from people across China against its COVID controls led to partial redemption from China's government.
- Nationwide protests translated into gradual ease in restrictions signaling possible economic reopening as it treaded into the fourth year of the pandemic.
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SSNLFSamsung Electronics Co Ltd
$42.489.38%
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