Vietnam has become Samsung's main production base in the past few years. News of Samsung's new multibillion-dollar investment comes shortly after South Korea and Vietnam announced plans for a comprehensive strategic partnership earlier this week. In addition, LG also intends to increase investment in Vietnam.
About half of Samsung's smartphones are produced in Vietnam, and Vietnamese officials have revealed that Samsung intends to increase its investment in the country by US$2 billion to a total of US$20 billion.
Samsung declined to comment on the investment, but Reuters said the $2 billion investment would be completed by the end of 2022. South Korea and Vietnam hope to increase bilateral trade to $100 billion in 2023 from $78 billion in 2021. The two countries aim to increase bilateral trade to $150 billion by 2023.
Earlier this year, Samsung will open a new R&D center in Vietnam, which will be operational by the end of this year or in 2023. According to the latest news, LG, which has given up its mobile phone business, also plans to increase its investment in Vietnam, investing another US$4 billion in the production of smartphone cameras in the country. Vietnam will be a major center for LG smartphone camera manufacturing.
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