Samsung To Build $3 Billion Dollar Smartphone Manufacturing Plant In Vietnam
The news was handed down by a government reporters, though Samsung itself did go so far as to confirm that it is presently "in discussions with Vietnam's government to invest up to $3 billion in its handset business." The reason for shifting production to Vietnam? To reduce overall costs and "better compete with the low-priced smartphones of Chinese rivals in particular."
Overall, assuming this passes, Samsung's investment in Vietnam would soar past $11 billion for the year. Investing heavily in mobile makes sense, though, given that it's such a huge part of the company's overall revenue pie. To put it in perspective, the $2 billion plant that opened in March generated a staggering $1.9 billion in export revenue during just the first four months of its operation.