Vietnam Wins Additional Investments From Samsung, LG

• Samsung Electronics Co, Ltd (OTC: SSNLF) and LG Electronics Inc (OTC: LGEIY) (OTC: LGEJY) earmarked billions of dollars of additional investment into Vietnam.

• Samsung Electronics, the largest single foreign investor in Vietnam, will raise its total investment to $20 billion from $18 billion, Reuters reports citing the Vietnamese government.

• Samsung slashed smartphone production in Vietnam twice this year due to weaker global demand.

• Also Read: Taiwan Semiconductor Wins Apple, Nvidia As First Customers Of Arizona Plant: Report

• Samsung has for years produced about 50% of its smartphones in Vietnam, accounting for nearly 20% of the country's overall exports.

• The additional investment will further solidify Vietnam as Samsung's key production site following a meeting in Seoul between Vietnamese President Nguyen Xuan Phuc and the company's CEO, Han Jong-hee.

• LG also earmarked $4 billion more in the country to make it a smartphone camera production hub.

• LG has invested $5.3 billion in Vietnam to make products like electronics, home appliances, cameras, and car parts.

• Vietnam and South Korea upgraded their relations to a "comprehensive strategic partnership."

• They aimed to raise bilateral trade to $100 billion next year and $150 billion a year by 2030, up from $78 billion last year.

• Over the last decade, Vietnam has emerged as one of the electronics companies' most attractive production hubs.

• China's COVID controls and the regulatory clampdown on tech giants proved to be a deal breaker for the country as companies shifted production to convenient territories.

• A collective outcry from people across China against its COVID controls led to partial redemption from China's government.

• Nationwide protests translated into gradual ease in restrictions signaling possible economic reopening as it treaded into the fourth year of the pandemic.

See more from Benzinga

• Taiwan Semiconductor Wins Apple, Nvidia As First Customers Of Arizona Plant: Report

• Microsoft Initiates Measures To Reduce Irish Data Hub Carbon Footprint

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.