Samsung to build another $1bln factory in Vietnam

Thanh Nien News

Email Print

Prime Minister Nguyen Tan Dung (4, L) at the groundbreaking ceremony for the construction of a Samsung factory in Thai Nguyen last March. Photo credit: Tuoi Tre Prime Minister Nguyen Tan Dung (4, L) at the groundbreaking ceremony for the construction of a Samsung factory in Thai Nguyen last March. Photo credit: Tuoi Tre

RELATED NEWS

Samsung plans to build a US$1 billion televisions, computer and cell phone screen factory in Bac Ninh Province, Tuoi Tre quoted a senior provincial official as saying.
The new project, Samsung Display, will be built in a province where the South Korean electronics giant established its first mobile phone production facility in Vietnam, Nguyen Tien Nhuong, deputy chairman of Bac Ninh People’s Committee said.
The Samsung Corporation has assigned Samsung Display Co. Ltd. to study its plan to build the factory on 42.3 hectares (104.5 acres) in Bac Ninh.
The factory will engage in research, production and assembly on new generations of high-resolution display modules.
On June 4, Samsung representatives met with Bac Ninh senior leaders and provincial agencies to discuss the factory.
According to Tuoi Tre, some of Samsung's subsidiaries have expressed their intention to invest in thermal power plants in Vietnam and the South Korean corporation is expected to become Vietnam’s largest foreign investor.
Samsung has invested some US$5.8 billion in Vietnam and has several major projects in the works, including the Long Son Oil Refinery, the Nha Trang Shipbuilding Plant and Vung Ang 3 Thermal Power Plant.
On June 6, Le Manh Ha, vice chairman of the Ho Chi Minh City People’s Committee announced that they've approved the construction of a third factory in Vietnam--also at the cost of US$1 billion.
The plant will be established at the Saigon Hi-Tech Park in District 9 and will produce LCD screens and relevant components.
Samsung opened its first factory in Vietnam in 2009 in the northern province of Bac Ninh with an initial investment of $670 million that was later adjusted upwards to $2.5 billion.
Last March, it started building another northern factory in Thai Nguyen Province with an investment of $2 billion.
Both of the factories are expected to export $35 billion worth of Samsung cell phones this year, Tuoi Tre reported.
According to Dan Tri, Samsung’s investment plan coincides with a period when Vietnam’s export of smartphones and accessories surpassed coffee and garments to account for 24 percent of the country’s total export turnover.
Two other electronics companies, South Korean’s LG and Taiwan’s Foxconn also plan to increase investment in Vietnam, the news website reported.

Like us on Facebook and scroll down to share your comment

More Business News