Vietnam PM approves $300 million R&D investment by Samsung Electronics
Vietnam's prime minister has approved a $300-million research and development project in Hanoi by Samsung Electronics Vietnam, a local unit of a South Korean giant that is the country's single biggest investor.
The project would operate for 50 years, rent-free, Vietnam's government reported on its news website on Wednesday.
Samsung secured government approval late last year to raise its investment in another electronics facility to $2 billion. Its operations around the country include assembly of smartphones and televisions.
The expansion comes amid similar moves by electronics firms operating in Vietnam, which include LG, Microsoft, Intel, Canon, Panasonic and Toshiba, helped by new free trade pacts and cheaper wages than China.
Apple Inc. is also poised to set up a $1 billion data center in the Vietnamese capital city, according to Vietnamese economic newspaper Dien Dan Doanh Nghiep (Business Forum), which cites its own source.