Samsung will invest an additional 1.8 billion USD in Bac Ninh

The signing and awarding of the memorandum of understanding on project development between Bac Ninh Provincial People's Committee and Samsung Display Company is within the framework of the province's 2024 planning and investment promotion conference. Prime Minister Pham Minh Chinh, Minister of Science and Technology Huynh Thanh Dat, Minister of Health Dao Hong Loan and many leaders, international organizations, and diplomatic agencies also attended the event on the afternoon of September 22.

Samsung Display's (SDV) $1.8 billion project to produce screens and electronic components will be located in Yen Phong Industrial Park, Bac Ninh province. The Korean group has invested in the industrial capital of the North since 2008. Currently, besides SDV, this group also has Samsung Electronics Vietnam (SEV) which also has a factory in Bac Ninh.

In the first half of this year, SDV's factory in Bac Ninh achieved revenue of 6.8 billion USD and profit of 283.6 million USD. SEV recorded revenue of more than 8.2 billion USD, profit of over 692 million USD.

Samsung is currently the largest foreign direct investor in Vietnam, with 6 factories in Bac Ninh, Thai Nguyen and Ho Chi Minh City with a total capital of more than 22 billion USD. In which, investment capital in Bac Ninh accounts for about half.

At today's conference, Bac Ninh province awarded policy decisions, investment registration certificates, memorandums of understanding, and agreements in principle for a series of projects in the area with a total capital of 5.5 billion USD (including SDV's projects). A number of other foreign giants also increased their investment capital in Bac Ninh this time such as Foxconn Group, GoerTek - a supplier of audio products for Apple.

Prime Minister Pham Minh Chinh also handed over the decision to approve the Bac Ninh Plan for the 2021-2023 period, with a vision to 2050 to provincial leaders. Accordingly, Bac Ninh aims to become a city directly under the Central Government by 2030, as well as a dynamic economic and cultural center of the Northern region and one of the development poles of the Red River Delta, closely connected to the capital Hanoi

By 2050, Bac Ninh will be among the leading localities in the country in terms of economic scale. At the same time, this locality has become one of the leading centers of high-tech industry, research and development, and smart manufacturing in Asia and the world.

Source: VNexpress: