According to Reuters, the Vietnamese division of Samsung, Samsung Electronics Vietnam, intends to invest a total of 3 billion dollars (over 60 billion CZK, over 2.3 billion Euro) in the construction of a new smartphone factory in Thai Nguyen province. This should be the second factory of this kind in the country, the first one already managed to earn less than 4 billion dollars for Samsung in the first 2 months of operation, while if Samsung manages to obtain the necessary permits for the construction of the factory and really invests in it, the amount of money of the South Korean companies that traveled to Vietnam this year, will exceed 11 billion dollars (more than 220 billion CZK, almost 9 billion Euros).
Together with another smartphone factory, Samsung will be able to compete much better with a huge number of cheap Chinese manufacturers, for example Xiaomi. Vietnam was chosen by the largest South Korean company, probably primarily because of the cheap labor force, because Vietnamese wages are often much lower than in neighboring China, for example.
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