Here's a sentence we never
thought we would have to write: it seems that labor costs in China are
getting too high for Samsung. We'll repeat that: labor wages in China
(which run around $400 to $800 per month per worker before overtime) are
getting too expensive, so Samsung is planning to build a new production
plant in Vietnam where labor is cheaper.
A new report from Bloomberg is
saying that Samsung wants to keep its smartphone profit margins where
they are, but in order to do that it has to cut costs somewhere. The
fast economic growth in China has led to increased wages for low-end
workers, but labor is cheaper in Vietnam, which helps to cut costs and
keep those profit margins up. So, the electronics giant is building a
new plant in Vietnam for $2 billion, which is expected to come online in
February, but not reach full production until 2015.
By
that time, it is estimated that China will be producing about 40% of
the profit-bearing devices in Samsung's mobile lineup. The new plant
will be able to produce about 120 million devices per year at full
production, which will help because Samsung is expecting to ship 800
million mobile devices in 2015. Most of the company's workforce is still
in Korea, but as of June it had about 19% of its workforce in China, so
keeping that down will help save money.
source: Bloomberg
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