Samsung- Planting new seeds in Vietnam with $2 billion plant
Northern, WI 03/25/2013 (avauncer) - Construction on the $2 billion Samsung Electronics Co., Ltd (KRX:005930) (Current: 1,495,000.000 KRW, Up by 2.75%)’s Vietnam unit’s plant has begun. A country official said that the electronic giant is seeking to spread its production base within the country. The new plant is located at Thai Nguyen province in the Yen Binh Industrial Park and should be operational by the end of the year said the chairman of the province, Duong Ngoc Long. He went on to say that the main focus of the plant will be the production of mobile phones, laptops and cameras.
Smart market move
The entire world is transitioning to mobile options such as tablets and smartphones and their sales are outdoing those of personal computers. This is a good way to ensure that the company stays one step ahead of the competition. There have been no company officials available for any comments on the matter. Samsung Electronics Co., Ltd (KRX:005930) had set up an electronics plant worth $1.5 billion, in the Bac Ninh province and its second plant was on Ho Chi Minh City. This Thai Nguyen plant will be the third in Vietnam and will be manufacturing 10 million products every month. This year the company has set its sight on an exports target of $16.5 billion which will be $12.7 billion higher than that of last year.
Samsung Electronics Co., Ltd (KRX:005930) is involved in consumer electronic good production and operates in two segments. The component division and the end product division. It manufactures a large number of electronic goods via this division which include mobile devices.