Samsung already has a smartphone plant in Vietnam and according to a new report from
Reuters, the South Korean giant has applied a license to build their second smartphone plant in the country. Samsung Electronics Vietnam, a subsidiary of Samsung, intends to build a $3 billion worth smartphone plant in the Thai Nguyen province, if they get an approval from the country’s Planning and Investment Ministry. To reduce costs and better compete with low-end smartphones from Chinese smartphone vendors like Xiaomi, Samsung has been increasing production in Vietnam. According to Thai Nguyen provincial government, Samsung’s first smartphone manufacturing plant in Vietnam generated around $1.9 billion in export revenues in its first four months of operation. If this plan to build a smartphone manufacturing unit gets approved, Samsung’s total investment in Vietnam would be around $11 billion this year.
Samsung’s reported reduces profits from its smartphone business for Q3 2014. It is trying to solidify its semiconductor business by investing $14.7 billion on a new semiconductor plant in South Korea. It also made a huge processor chip deal for Apple’s upcoming iPhones and iPads, and is expecting improved profits from the deal.
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