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VietNamNews

Samsung gets go-ahead for $1b plant

Update: July, 03/2014 - 09:25
Handsets are manufactured at a Samsung factory in Bac Ninh Province. Samsung has, to date, pumped approximately $6.8 billion into Viet Nam, making it one of the largest foreign investors in the country. — VNA/VNS Photo Duc Tam

BAC NINH  (VNS) — Samsung Display Co received an investment licence yesterday from the Bac Ninh People's Committee to develop a US$1-billion plant in Samsung Bac Ninh Hi-Tech Complex.

Work on the new plant will commence this month, focusing on research and development for manufacturing high-definition (HD) displays and assembling next-generation HD displays, including curved and foldable displays.

The plant will serve Samsung's two large complexes in the northern provinces of Bac Ninh and Thai Nguyen and will manufacture products for export. Its construction is expected to be completed in the first quarter of next year.

With the new investment, Samsung has, to date, pumped approximately $6.8 billion into Viet Nam, making it one of the largest foreign investors in the country.

Earlier, on Monday, the People's Committee petitioned the provincial People's Council to provide financial assistance of over VND286 billion (US$13.62 million) for infrastructure development in the Yen Phong Industrial Zone in an attempt to entice Samsung Display to build its plant there, according to Hai Quan (Customs) newspaper.

The committee also asked for the council's approval to reduce the corporate income tax for Samsung by 50 per cent over the next three years and to support training costs for 8,000 local workers at a total cost of VND12 billion (above $570,000).

Samsung Display's project in Yen Phong Industrial Zone would contribute to improving the Samsung Hi-Tech Complex, speeding up the development of the electronics and telecom sector, and turning Bac Ninh into Samsung Group's global production destination, the newspaper quoted the People's Committee as saying.

The project would also help promote a positive image of the investment environment and would improve Bac Ninh's competitiveness, it said.

According to the Bac Ninh Industrial Zone Authority, Samsung Bac Ninh exported $23.9 billion worth of goods last year. — VNS

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