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Samsung quadruples investment for Vietnam’s screen production

Samsung quadruples investment for Vietnam’s screen production

Friday, August 07, 2015, 11:36 GMT+7

South Korean electronics giant Samsung has been licensed to increase its investment in a display module production project in the northern Vietnamese province of Bac Ninh by four times, with an additional investment of US$3 billion.

Samsung Display Vietnam Co. Ltd., the Vietnamese unit of Samsung Display Co. Ltd., received the investment license for the expansion from the Bac Ninh administration on Thursday.

In July 2014, Samsung Display Vietnam broke ground on the screen production plant, with an initial registered investment of $1 billion, in the Samsung Bac Ninh technology complex, where the South Korean firm also has its $2.5 billion phone-making operation.

Samsung Display Bac Ninh will make and assemble next-generation high-definition screens, including curved screens, for electronic devices at a capacity of 48 million items a year, according to the investment license at the time.

It will also conduct research and development activities on high-definition displays and is expected to generate around 8,000 jobs.

With the total registered investment for the Bac Ninh screen production increasing fourfold, the $4 billion project is expected to create as many as 20,000 jobs, according to the Vietnam News Agency.

The Samsung Display Bac Ninh facility is also expected to generate $1.5 billion in revenue in its first year of operation, and $40 billion and $60 billion in 2018 and 2020, respectively.

However, the new production capacity of the facility is undisclosed, according to The Saigon Times Online.

Since initially investing in Vietnam in 1995, Samsung has opened seven projects worth a total of $11.3 billion in the Southeast Asian country.

The two biggest among these are the Samsung complexes in Bac Ninh and Thai Nguyen, both northern provinces, into which the company has so far channeled $2.5 billion and $5 billion, respectively.

In May this year, the South Korean electronics behemoth also broke ground on a $1.4 billion complex in the Saigon Hi-Tech Park, outplaying chipmaker Intel to become the largest foreign investor in Ho Chi Minh City’s hi-tech hub.

Bac Ninh has also become a magnet for major global tech firms such as Samsung, Canon, Microsoft and ABB.

As of the end of last month, the province had licensed 887 foreign-invested projects worth a total of more than $12 billion, according to The Saigon Times Online.

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