According to a new report from Reuters, Samsung plans to invest as much as $3 billion toward opening its second Vietnam-based smartphone factory in an effort to produce hardware at a lower cost. An unnamed government official confirmed that the project is ongoing, and a Samsung spokesperson shared that the company is in talks with the government over the investment.

South Korea’s Samsung Electronics Co Ltd (005930.KS) has applied for a license to invest $3 billion in building a second smartphone factory in northern Vietnam, a government official said on Monday.

expand full story