SEOUL (Reuters) - South Korea’s Samsung Electronics Co Ltd, the world’s top television maker, on Thursday said it stopped TV production in Thailand in the first quarter to streamline its global manufacturing footprint.
The move comes after the company last year announced a $560 million investment to build a consumer appliances complex in Vietnam, to mainly produce TVs, as part of efforts to boost output across segments including smartphones and displays in the lower-cost country.
A Samsung spokeswoman did not say whether the company would move TV production from Thailand to Vietnam.
South Korea’s LG Electronics Inc, which ranks second in the global TV market, will soon shift its TV production in Thailand to Vietnam, where labor costs are cheaper and China-based suppliers are closer.
Reporting by Hyunjoo Jin; Editing by Stephen Coates