Samsung Nears Licence for $3 Billion Smartphone Plant in Vietnam: Report

A subsidiary of South Korea's Samsung Electronics Co Ltd will be awarded a licence to invest $3 billion (roughly Rs. 18,400 crores) in a mobile phone plant in northern Vietnam, the second such facility in the country, a state-run newspaper said on Monday.

The facility will be built in Thai Nguyen province, where Samsung Electronics Vietnam has operated a $2 billion (roughly Rs. 12,300 crores) plant for mobile phone production since March 2014, the Planning and Investment Ministry-run Dau Tu newspaper said.

A Samsung Electronics Vietnam official said the company had no immediate comment on the report.

The ministry oversees foreign investment in Vietnam. Samsung's latest investment would bring its total pledges in the Southeast Asian nation to around $11 billion (roughly Rs. 67,600 crores), the Dau Tu newspaper said.

© Thomson Reuters 2014