Construction of Samsung Electronics's third factory in Vietnam kicked off in Ho Chi Minh on Tuesday.
The US$1.4 billion plant, being developed on a 70-hectare area in the Saigon Hi-Tech Park, is expected to start production from the second quarter of next year, according to Samsung Electronics Vietnam. It will produce latest generations of smart TVs of the South Korean tech giant.
The other two factories, based in the northern provinces of Bac Ninh and Thai Nguyen, specialize in assembling mobile phones, tablets, microprocessors and integrated circuits.
Since it made its foray into the Vietnamese market in 1995, Samsung has invested about $13 billion in the country, Minister of Science and Technology said at at the ground-breaking ceremony.
Apart from electronic products, Samsung is working on plans to invest in Vietnam’s infrastructure projects, which will potentially increase its total investment in the country to $20 billion.