Three-month old Samsung Thai Nguyen reports $2 billion in exports
Three-month old Samsung Thai Nguyen reports $2 billion in exports
Samsung Electronics Vietnam Thai Nguyen (SEVT) has announced that it had exported nearly $2 billion in smartphones and tablets, totalling six million products, by the end of June, only three months after starting production.
The factory plans to raise its workforce from the current 10,000 to 15,000 and its capacity by two million products per month to between eight and nine million by the end of this year. It expects to earn revenues of $8 billion this year and $12 billion in 2015.
Samsung’s $2 billion Thai Nguyen factory, its second in the country, started operations on March 10 this year. The first, namely the $2.5 billion Samsung Electronics Vietnam (SEV) in Bac Ninh, started in October 2009 and currently employs 43,000 workers.
SEV’s exports in 2013 were valued at $23.9 billion. Together the two factories are expected to achieve an export value of $35 billion this year.
Samsung was recently licensed to build a new $1 billion factory producing displays on the site of its hi-tech manufacturing complex in Bac Ninh and another $1 billion plant to produce LCD screens and other components in Ho Chi Minh City. These projects will up Samsung’s total investment in Vietnam to an approximate $6.8 billion, making the firm one of the biggest foreign investors in the country.
Vietnam exported phones and spare parts valued at $12.3 billion in the year to July 15, reported Vietnam Customs, up 14.6 per cent on-year, with Samsung accounting for most of this figure.
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