Vietnamese news-site Baomoi.com said that company sources from Nokia OMX: NOK1V, NYSE: NOK) told that the Finnish mobile phone manufacturer is set to officially announce the operation of its new production facility situated in Bac Ninh province, near capital Hanoi, in the Vietnam-Singapore Industrial Park. This could mean the first made in Vietnam Nokia is out in the market within months.
Nokia estimated that the initial investment would be about 200 million Euros with more to come later and will have a capacity of almost 50 million products annually with up to 10 000 workers. Nokia informed about the project early last year and said it was targeting opening in 2012. At that time the company said the new factory will have no impact on its other production sites.
It has been selling phones in the country since 1996. In addition to enjoying a comparative advantage with still relatively cheap and abundant labour supply available, the country has potentially attractive domestic markets with a population approaching 100 million. An official press conference is expected later this month. Samsung already has a production facility in the same location.
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