Ho Chi Minh City officials approved the Samsung Electronics Company's US$1.4 billion electronics factory in the city’s high-tech park this week.
Samsung has pledged to use the latest technology to manufacture and assemble home appliances, officials said during a Thursday meeting of the municipal legislature.
The factory is designed to occupy around 70 hectares of Saigon Hi-tech Park in District 9 and employ between 4,000-5,000 people.
Samsung pledged to continue to operate the factory for 50 years starting in the first quarter of 2016, according to representatives who pledged to use 30-40 percent domestically-produced components in each of its final products after three years of stable manufacturing.
The Korean company currently runs a phone manufacturing plant in Thai Nguyen Province, about 60 kilometers (37 miles) north of Hanoi.