(MENAFN) South Korea's tech giant Samsung Electronics Co. said the Vietnamese government approved a USD3 billion expansion of its handset-manufacturing facilities, Yonhap News reported.
Samsung said it would expand its manufacturing line in Vietnam, which went into operation last March with an annual production capacity of 120 million units and Samsung already injected USD2.1 billion into it.
The move apparently reflects the company's urgency in having to revitalize its smartphone business, fast losing its profits on competition from rivals, industry watchers said.
Meanwhile, South Korea's largest group has been making efforts to tap deeper into Vietnam on the back of the Southeast Asian country's cheap labor and favorable tax benefits compared to home.
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