Vietnam PM approves US$300m R&D investment by Samsung Electronics
[HANOI] Vietnam's prime minister has approved a US$300-million research and development project in Hanoi by Samsung Electronics Vietnam, a local unit of a South Korean giant that is the communist country's single biggest investor.
The project would operate for 50 years, rent-free, Vietnam's government reported on its news website on Wednesday.
Samsung secured government approval late last year to raise its investment in another electronics facility to US$2 billion. Its operations around the country include assembly of smartphones and televisions.
The expansion comes amid similar moves by electronics firms operating in Vietnam, which include LG, Microsoft, Intel, Canon, Panasonic and Toshiba, helped by new free trade pacts and cheaper wages than China.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Sri Lanka’s economy expected to grow 3% in 2024, central bank says
Yellen says US can bring inflation down without hurting jobs
US dollar briefly falls versus yen after GDP data
US weekly jobless claims unexpectedly fall
US economic growth slows more than expected in Q1
Malaysia ex-PM Mahathir facing anti-graft probe in a case involving his sons