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Samsung Electronics Co Ltd has scaled back production at its massive smartphone plant in Vietnam, employees say, as retailers and warehouses grapple with rising inventory amid a global fall in consumer spending. America's largest warehouse market is full and major U.S. retailers such as Best Buy and Target Corp warn of slowing sales as shoppers tighten their belts after early COVID-era spending binges. The effect is acutely felt in Vietnam's northern province of Thai Nguyen, one of Samsung's two mobile manufacturing bases in the country where the world's largest smartphone vendor churns out half of its phone output, according to the Vietnam government. Samsung, which shipped around 270 million smartphones in 2021, says the campus has the capacity to make around 100 million devices a year, according to its website. "We are going to work just three days per week, some lines are adjusting to a four-day workweek instead of six before, and of course no overtime is needed," Pham Thi … [Read more...] about Samsung workers in Vietnam bear brunt of slowdown in global demand for electronics

The headquarters of Thai Nguyen Industrial Zone Infrastructure Development Joint Stock Company (HTTN) in the northern province of Thai Nguyen. — Photo HTTN State Capital Investment Corporation (SCIC) plans to sell its entire 98.84 per cent stake in its affiliate Thai Nguyen Industrial Zone Infrastructure Development Joint Stock Company (HTTN). Interested investors must register to buy the whole lot, equivalent to more than 13.9 million shares. The whole lot is valued at more than VND316.2 billion (US$13.5 million). The auction will be held at the Ha Noi Stock Exchange (HNX) on August 5. HTTN was established in 2003. The unit performs the functions and tasks of the investor and project manager for infrastructure construction projects inside Song Cong I Industrial Park assigned by Thai Nguyen Province's People's Committee. HTTN's main business and production activities are sub-leasing land, leasing and using infrastructure in Song Cong I Industrial Park, providing services … [Read more...] about SCIC to sell 13.9 million shares in Thái Nguyen Industrial Zone Infrastructure Development JSC

The headquarters of the Thai Nguyen Industrial Zone Infrastructure Development Joint Stock Company (HTTN) in the northern province of Thai Nguyen. (Photo: HTTN) Hanoi (VNS/VNA) - The State Capital Investment Corporation (SCIC) plans to sell its entire 98.84% stake in its affiliate Thai Nguyen Industrial Zone Infrastructure Development Joint Stock Company (HTTN). Interested investors must register to buy the whole lot, equivalent to more than 13.9 million shares. The whole lot is valued at more than 316.2 billion VND (13.5 million USD). The auction will be held at the Hanoi Stock Exchange (HNX) on August 5. HTTN was established in 2003. The unit performs the functions and tasks of the investor and project manager for infrastructure construction projects inside Song Cong I Industrial Park assigned by the Thai Nguyen provincial People's Committee. HTTN's main business and production activities are sub-leasing land, leasing and using infrastructure in the Song Cong I … [Read more...] about SCIC to sell 13.9 million shares in Thai Nguyen IZ Infrastructure Development JSC

South Korean conglomerate Samsung Electronics will make a business and investment expansion in Vietnam, with a target of US$69 billion worth of exports and an additional investment of US$3.3 billion this year, among other activities, the group’s leader has said. Samsung CEO Roh Tae Moon told Vietnamese Prime Minister Pham Minh Chinh about the giant’s expansion of operations in Vietnam at their meeting on Friday, as part of his ongoing working visit in the Southeast Asian country. Specifically, Samsung will manufacture semiconductor products at its Samsung Electro-Mechanics Vietnam, located in northern Thai Nguyen Province, in July 2023, the CEO said. The group will also inaugurate its research and development (R&D) center in Hanoi late this year or early next year to serve not only Vietnam but other Southeast Asian countries as well. In addition, Samsung plans to assist 50 Vietnamese enterprises in improving their competitiveness under a smart factory model, while … [Read more...] about S.Korea’s Samsung to expand trade, investment in Vietnam: CEO