South Korea's Samsung Electronics has secured a license to invest $3 billion U.S. to expand its production in northern Vietnam, the Vietnamese government said.
The license was awarded on Nov. 17 in Thai Nguyen province, where Samsung Electronics has been operating a $2-billion U.S. smartphone plant, the government said in a statement issued late on Monday, without giving further details of the project.
Samsung Electronics has said it plans to invest up to $3 billion U.S. for its handset business in Vietnam as part of its strategy to cut costs and better compete with Chinese rivals.
