Samsung hikes investment in Vietnam cell-phone plant

TN News

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Executives of Samsung Electronics Vietnam receive the license for upping investment in Bac Ninh Province

Samsung Electronics has received approval from the government to increase the investment in its plant in the northern province of Bac Ninh from US$1.5 billion to $2.5 billion.

The South Korean company said this would go towards enlarging the plant into a complex, news website VnEconomy reported.

But all the special incentives promised for the factory will continue -- no income tax for four years after the complex breaks even, 50 percent tax for the next nine, and 10 percent from then on.

The normal corporate income tax in Viet Nam is 25 percent.

The Bac Ninh facility, Samsung's second largest handset plant in the world after Kumi in South Korea, opened in 2009 and also produces laptops and other electronic products.

The company has invested a total of $4.5 billion in Vietnam, including a $2 billion cell-phone and tablet-computer factory in another northern province, Thai Nguyen.

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