Samsung invests $920 million to expand its production facility in northern Vietnam

, Samsung invests $920 million to expand its production facility in northern Vietnam

South Korean electronic components manufacturer Samsung Electro-Mechanics Co Ltd will invest $920 mln for the expansion of its plant in northern Vietnam, Reuters reported on Wednesday.

According to the report, the investment will boost the company’s existing production in Thai Nguyen province of printed circuit boards and other phone components, and will raise the company’s total investment $2.27 billion.  Reuters citied the statement of local government.

Related: How to set-up a factory in Vietnam as foreign investors.

Vietnam, a manufacturing powerhouse, has become an increasingly crucial part of the global technology supply chain. It has drawn interest and investment from companies seeking to diversify their production and reduce their exposure to China, and because of its relative success in containing the spread of the coronavirus.

The data showed, Vietnam has recorded 2.57 million COVID-19 cases and around 39,000 deaths. More than 76% of its population of 98 million has received at least two vaccine doses.

Vietnam’s tourism ministry on Tuesday proposed a full reopening of the country to foreign visitors and a lifting of nearly all travel restrictions from March 15, three months earlier than planned.

Related: Vietnam fully reopens international tourism and lifts all travel restrictions earlier than expected

The proposal, which will be submitted to the Prime Minister for approval, follows similar reopening steps taken by other Southeast Asian countries like Thailand and the Philippines, where the Omicron Covid-19 variant has caused a recent spike in new infections, but fewer hospitalizations and deaths than previous variants.

The proposal includes maintaining a one-day quarantine requirement for visitors plus requiring negative Covid-19 tests before departure and on arrival.

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