Get 40% Off
🚀 Our AI Picked 6 Stocks that Jumped +25% in Q1. Which Picks Will Soar in Q2?Unlock full list

Samsung starts building $220 million R&D center in Vietnam

Published 03/02/2020, 01:41 AM
Updated 03/02/2020, 01:41 AM
© Reuters. The logo of Samsung Electronics is pictured at the company's factory in Tijuana

By Khanh Vu

HANOI (Reuters) - Samsung Electronics (KS:005930) has started building a $220 million research and development center in Vietnam, the South Korean tech giant's local unit said on Monday.

But a ground-breaking ceremony, scheduled for this past Saturday, was canceled because of a virus outbreak that led to travel restrictions on South Koreans, Hong Sun, the vice chairman of Korea Chamber of Commerce in Vietnam, told Reuters.

A Samsung Electronics spokeswoman confirmed the cancellation, but did not provide any other details.

Construction of the center in Hanoi will be completed by the end of 2022, Samsung Vietnam said in a statement, adding that the center will employ between 2,200 and 3,000 people.

Samsung is the single largest foreign investor in Vietnam, with investments totaling $17 billion, it said.

The center as planned would be the largest of its kind in Southeast Asia and will enhance the company's research capability in such areas as artificial intelligence, internet of things, big data and 5G, it said.

The Vietnamese government earlier on Monday announced the commencement of building of the R&D center.

Vietnam's exports of smartphones and spare parts, mostly produced by Samsung Electronics, rose 4.4% last year to $51.38 billion, according to government customs data.

Vietnam said on Friday it will suspend visa-free travel for South Koreans starting on Saturday, Feb. 29, amid concerns about the coronavirus spreading.

© Reuters. The logo of Samsung Electronics is pictured at the company's factory in Tijuana

Last week, Vietnam banned tourists from coronavirus-hit areas of South Korea. South Korea accounted for a quarter of Vietnam's 18 million tourists last year, the second-biggest group after Chinese visitors.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.