Samsung wins license to invest $1 billion in Vietnam

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vietnam_samsungVietnam authorities gave a license to a unit of Samsung Electronics Co. to invest $1 billion in a factory in the country’s northern province of Bac Ninh.

The factory, to be located in Yen Phong Industrial Park 50 kilometers northeast of Hanoi, will employ 8,000 workers and produce 48 million high-resolution displays a year, the province’s People’s Committee said in a statement on July 3. The license was awarded on the previous day.

The factory, operated by display maker Samsung Display Co., is expected to start production from next year and will churn screens used in smartphones and tablets including flexible displays, the company’s most advanced products.

Vietnam is becoming increasingly important as a manufacturing base for electronics makers, including South Korea’s LG Electronics and Samsung Electronics.

Vietnamese officials said last month that Samsung Electronics is considering investing more than $1 billion in a consumer electronics factory in Ho Chi Minh City’s Saigon Hi-Tech Park, but declined to provide a time frame or the size of the project.

Samsung last year started building a $2 billion complex in Thai Nguyen province in northern Vietnam. It also has a $2.5 billion mobile-phone plant that has been operational since 2009 in Bac Ninh province.

Samsung’s move to expand its production base in Vietnam comes as the country is undergoing a swift economic transition. Exports of smartphones and computer parts are beginning to overtake those of coffee and garments.

Exports of smartphones and electronics totaled $31.8 billion last year, accounting for 24 per cent of Vietnam’s total exports, and an increase of more than 50 per cent from the previous year, government data showed.

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Reading Time: 2 minutes

Vietnam authorities gave a license to a unit of Samsung Electronics Co. to invest $1 billion in a factory in the country’s northern province of Bac Ninh.

Reading Time: 2 minutes

vietnam_samsungVietnam authorities gave a license to a unit of Samsung Electronics Co. to invest $1 billion in a factory in the country’s northern province of Bac Ninh.

The factory, to be located in Yen Phong Industrial Park 50 kilometers northeast of Hanoi, will employ 8,000 workers and produce 48 million high-resolution displays a year, the province’s People’s Committee said in a statement on July 3. The license was awarded on the previous day.

The factory, operated by display maker Samsung Display Co., is expected to start production from next year and will churn screens used in smartphones and tablets including flexible displays, the company’s most advanced products.

Vietnam is becoming increasingly important as a manufacturing base for electronics makers, including South Korea’s LG Electronics and Samsung Electronics.

Vietnamese officials said last month that Samsung Electronics is considering investing more than $1 billion in a consumer electronics factory in Ho Chi Minh City’s Saigon Hi-Tech Park, but declined to provide a time frame or the size of the project.

Samsung last year started building a $2 billion complex in Thai Nguyen province in northern Vietnam. It also has a $2.5 billion mobile-phone plant that has been operational since 2009 in Bac Ninh province.

Samsung’s move to expand its production base in Vietnam comes as the country is undergoing a swift economic transition. Exports of smartphones and computer parts are beginning to overtake those of coffee and garments.

Exports of smartphones and electronics totaled $31.8 billion last year, accounting for 24 per cent of Vietnam’s total exports, and an increase of more than 50 per cent from the previous year, government data showed.

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