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Samsung to invest $560 million in Vietnam TV production plant

Published 01/10/2014, 11:20
Updated 01/10/2014, 11:30
© Reuters Samsung flags are set up at main entrance to Berlin fair ground

SEOUL (Reuters) - South Korea's Samsung Electronics Co Ltd said on Wednesday that it will invest $560 million (345.74 million pounds) to build a consumer appliances production complex in Vietnam, its latest move to build manufacturing capacity in the country.

Samsung, the world's largest TV maker, said in a statement the new 700,000 square metre complex will mainly produce televisions.

© Reuters. Samsung flags are set up at main entrance to Berlin fair ground

Samsung has been investing heavily in production facilities in Vietnam across business segments including smartphones in a bid to lower production costs. The firm's display subsidiary, Samsung Display, said in July that it won approval to build a $1 billion display module assembly plant in Vietnam.

(Reporting by Vincent Lee; Editing by Tony Munroe and Kenneth Maxwell)

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