Samsung invests $920 mln in Vietnam plant expansion

The emblem of Samsung Electronics is seen at its workplace constructing in Seoul, South Korea, March 23, 2018. REUTERS/Kim Hong-Ji

HANOI, Feb 16 (Reuters) – South Korean digital parts producer Samsung Electro-Mechanics Co Ltd will make investments $920 million in a manufacturing facility in northern Vietnam, the Southeast Asian nation stated on Wednesday.

The funding will enhance the corporate’s current manufacturing in Thai Nguyen province of printed circuit boards and different telephone parts, and can elevate the corporate’s complete funding $2.27 billion, the federal government stated in an announcement.

Vietnam, a producing powerhouse, has turn out to be an more and more essential a part of the worldwide know-how provide chain. It has drawn curiosity and funding from firms searching for to diversify their manufacturing and scale back their publicity to China, and due to its relative success in containing the unfold of the coronavirus.

Vietnam has recorded 2.57 million COVID-19 instances and round 39,000 deaths. Greater than 76% of its inhabitants of 98 million has acquired at the least two vaccine doses, in accordance with official information.

Reporting by Phuong Nguyen; Enhancing by Kanupriya Kapoor

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