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Samsung denies reports of move of China display output to Vietnam

Published 06/19/2020, 06:49 AM
Updated 06/19/2020, 09:30 AM
© Reuters. Attendees at Samsung Electronics Co Ltd's Unpacked event test out the company's new devices in in San Francisco

HANOI (Reuters) - Samsung Electronics (OTC:SSNLF) is planning to shift much of its display production from China to Ho Chi Minh City this year, Vietnamese state media reported on Friday, although the South Korean tech giant said those reports were untrue.

The newspaper Tuoi Tre reported the relocation of Samsung (KS:005930)'s display production from China citing an announcement on the website of Samsung Vietnam, but the parent company in Seoul said the reports were "groundless".

Samsung did not elaborate.

Several other Vietnamese online media outlets had reported the shift from China but by Friday evening those stories could no longer be viewed.

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

Samsung has display production operations in Vietnam among its six factories and two research and development centres.

The reports come as more companies look to diversify supply chains beyond China, after widespread disruption globally when the novel coronavirus first struck there.

Tuoi Tre said the screens would be produced in the Samsung Electronics Complex in Ho Chi Minh City, Vietnam's business hub.

Latest comments

No one is moving out of China. The last check shows more than 90% still choose China for manufacturing. China spent trillions to built their infrastructure, do you really think others can just setup and match? Some big companies choose to move some out of China for backups production in case of disruption, but China remains the undisputed leader to manufacture for the next 100 hundred years.
China is the sweatshop of the world and world- renowned home of IP theft. You seem to be proud of that.
come to India
Excellent decision by Samsung.
Very excellent.
Very excellent.
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