Samsung ups investment in southern Vietnam project to $2 billion

Samsung Asia Pte Ltd [SAMECP.UL] was granted approval on Tuesday by Vietnam’s government to increase its investment in Ho Chi Minh City’s Saigon Hi-Tech Park (SHTP) to $2 billion from $1.4 billion now, the head of the industrial park said.
 
The additional $600 million will be used for Samsung’s production of its smart televisions and electronic goods, as well as research and development work, SHTP chief Le Hoai Quoc told Reuters by telephone.
Official production at the park by Samsung, Vietnam’s biggest foreign investor, will start in late February or early March next year, Quoc added.