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HANOI (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 mentioned on Wednesday.
The funding will increase the corporate’s current manufacturing in Thai Nguyen province of printed circuit boards and different cellphone parts, and can increase the corporate’s complete funding $2.27 billion, the federal government mentioned in an announcement.
Vietnam, a producing powerhouse, has develop into an more and more essential a part of the worldwide expertise provide chain. It has drawn curiosity and funding from firms in search of to diversify their manufacturing and cut 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 circumstances and round 39,000 deaths. Greater than 76% of its inhabitants of 98 million has acquired a minimum of two vaccine doses, in response to official information.
(Reporting by Phuong Nguyen; Enhancing by Kanupriya Kapoor)
Copyright 2022 Thomson Reuters.
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