Synopsis
South Korean tech giant Samsung Electronics is set to invest in a new chip packaging factory in Vietnam. The Vietnamese Ministry of Finance confirmed it is working with Samsung on a semiconductor project. This move signals Samsung's long-standing intention to expand its semiconductor operations in the Southeast Asian nation.A Samsung Electronics spokesperson was not immediately available for comment. Vietnam's Ministry of Finance on Thursday said it was working with Samsung on a semiconductor project.
"The ministry is coordinating with other ministries and agencies to finalise and submit to the Prime Minister the Memorandum of Understanding between the Government of Vietnam and Samsung Group regarding the group's semiconductor manufacturing project in Vietnam," the ministry said in a statement.
A second source familiar with Samsung activities in Vietnam said the company had signalled to Vietnamese authorities for a long time its intention to launch semiconductor operations in the country, without elaborating on the timing or size of the possible investment.
Samsung is the largest single foreign investor in the Southeast Asian country, having invested over $23 billion into the country so far, according to the Vietnamese government.
