Samsung, LG plan multi-billion-dollar additional investment in Vietnam

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HANOI : South Korean electronics giants Samsung and LG plan to pour billions of dollars of additional investment into Vietnam, state media reports and the Vietnamese government said on Tuesday.The announcement comes after Samsung cut smartphone production in Vietnam twice this year in response to weaker g

HANOI : South Korean electronics giants Samsung and LG plan to pour billions of dollars of additional investment into Vietnam, state media reports and the Vietnamese government said on Tuesday.

Samsung Electronics, the largest single foreign investor in Vietnam, will invest $2 billion more in the Southeast Asian country, raising its total to $20 billion, Vietnamese state media said. The additional investment will further firm up Vietnam as Samsung's key production site, reported Vietnam News Agency, following a meeting on Tuesday in Seoul between Vietnamese President Nguyen Xuan Phuc and the company's chief executive Han Jong-hee.Separately, the Vietnamese government said in a statement that LG would also invest $4 billion more in the country to make it a smartphone camera production hub.

LG, which has so far invested $5.3 billion in Vietnam to make such products as electronics home appliances, cameras and car parts, did not immediately respond to a request for comment.

 

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