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South Korean tech giant Samsung Electronics Co. will spend $1.4 billion to build a consumer electronics production plant in Vietnam to meet global demand for home appliances, the company said Thursday.
The tech giant confirmed its investment in the complex would cover production of TVs, air conditioners, washing machines, refrigerators and other home electronics as well as working capital.
Formal written approval for the plant from the Vietnamese government, delivered to company vice chairman Lee Jae-yong in Seoul on Wednesday, referred to the investment amount that is far above $560 million won reported earlier. Samsung said $560 million won is the amount set aside exclusively for TV production.
The company said Lee and Nguyen Phu Trong, general secretary of the Communist Party of Vietnam, discussed future investment cooperation during their meeting in Seoul. Trong is on a four-day visit to South Korea from Wednesday.
The complex will be built in the southern Vietnamese city of Ho Chi Minh on a plot of 700,000 square meters.
Samsung plans to break ground for the complex early next year and complete part of the complex by the end of next year. The company said it will continue its investment in the complex until 2020.
The Vietnamese government is said to have exempted the plant from paying corporate tax for six years, after which it will impose a 5 percent tax.
Samsung Electronics posted 13 trillion won in sales in the consumer electronics division in the second quarter of this year, up 15 percent from the previous quarter, with the division's operating profit up fourfold to 770 billion won ($724.2 million).
The South Korean tech giant expanded its share of the global TV market to 30.7 percent in the first half of the year, up 3.9 percent from 26.8 percent a year ago, according to data by market researcher Display Search.
Samsung Electronics operates two smartphone plants in the Southeast Asian country. Its affiliate, Samsung Electro-Mechanics Co., is building a $1.23 billion plant for smartphone parts. (Yonhap)
The tech giant confirmed its investment in the complex would cover production of TVs, air conditioners, washing machines, refrigerators and other home electronics as well as working capital.
Formal written approval for the plant from the Vietnamese government, delivered to company vice chairman Lee Jae-yong in Seoul on Wednesday, referred to the investment amount that is far above $560 million won reported earlier. Samsung said $560 million won is the amount set aside exclusively for TV production.
The company said Lee and Nguyen Phu Trong, general secretary of the Communist Party of Vietnam, discussed future investment cooperation during their meeting in Seoul. Trong is on a four-day visit to South Korea from Wednesday.
The complex will be built in the southern Vietnamese city of Ho Chi Minh on a plot of 700,000 square meters.
Samsung plans to break ground for the complex early next year and complete part of the complex by the end of next year. The company said it will continue its investment in the complex until 2020.
The Vietnamese government is said to have exempted the plant from paying corporate tax for six years, after which it will impose a 5 percent tax.
Samsung Electronics posted 13 trillion won in sales in the consumer electronics division in the second quarter of this year, up 15 percent from the previous quarter, with the division's operating profit up fourfold to 770 billion won ($724.2 million).
The South Korean tech giant expanded its share of the global TV market to 30.7 percent in the first half of the year, up 3.9 percent from 26.8 percent a year ago, according to data by market researcher Display Search.
Samsung Electronics operates two smartphone plants in the Southeast Asian country. Its affiliate, Samsung Electro-Mechanics Co., is building a $1.23 billion plant for smartphone parts. (Yonhap)
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