Samsung, LG plan multi-billion-dollar additional investment in Vietnam - Yahoo Finance

HANOI (Reuters) - South Korean electronics giants Samsung and LG program to determination billions of dollars of further concern into Vietnam, authorities media reports and the Vietnamese authorities said connected Tuesday.

The announcement comes aft Samsung chopped smartphone accumulation successful Vietnam doubly this twelvemonth successful effect to weaker planetary demand.

Samsung Electronics, the largest azygous overseas capitalist successful Vietnam, volition put $2 cardinal much successful the Southeast Asian country, raising its full to $20 billion, Vietnamese authorities media said.

Samsung has for years produced astir fractional of its smartphones successful Vietnam and accounts for astir a 5th of the country's wide exports.

The further concern volition further steadfast up Vietnam arsenic Samsung's cardinal accumulation site, reported Vietnam News Agency, pursuing a gathering connected Tuesday successful Seoul betwixt Vietnamese President Nguyen Xuan Phuc and the company's main enforcement Han Jong-hee.

Samsung did not instantly respond to a petition for comment.

Separately, the Vietnamese authorities said successful a connection that LG would besides put $4 cardinal much successful the state to marque it a smartphone camera accumulation hub.

The authorities media study and the authorities connection did not supply further details connected the concern by the 2 companies.

LG, which has truthful acold invested $5.3 cardinal successful Vietnam to marque specified products arsenic electronics location appliances, cameras and car parts, did not instantly respond to a petition for comment.

The announcements came arsenic Vietnam and South Korea said connected Tuesday they upgraded their relations to "comprehensive strategical partnership", which Vietnam has truthful acold established lone with China, Russia and India.

The 2 countries purpose to rise bilateral commercialized to $100 cardinal adjacent year, and to $150 cardinal a twelvemonth by 2030, up from $78 cardinal past year.

Vietnam has implicit the past decennary emerged arsenic 1 of the astir charismatic accumulation hubs for electronics companies, but weakening planetary request has prompted accumulation cuts this year.

(Reporting by Khanh Vu; further reporting by Joyce Lee successful Seoul; editing by Francesco Guarascio, Kanupriya Kapoor)