Korea-based Samsung Electronics will expand its manufacturing facilities in Vietnam, co-CEO Koh Dong-jin told Vietnamese Prime Minister Nguyen Xuan Phuc on Friday.
Samsung will recruit more Vietnamese employees and develop electronics in smart cities in Bac Ninh province and other places, according to a statement posted on the government’s website.
Samsung is the largest foreign investor in Vietnam and accounts for around a quarter of the country’s total export revenue, Reuters reported.
Samsung has invested $17.3 billion in eight factories and one research and development center in Vietnam, turning the country into its largest smart phone production base.
The government said exports from Samsung Electronics’ factories in Vietnam totaled $54 billion last year.