Samsung obtains license for $1bn plant in Vietnam; total investment nears $7bn
Updated : 07/03/2014 11:13 GMT + 7
Vietnam granted the investment certificate Wednesday for a US$1 billion screen plant operated by Samsung Electronics Co Ltd, the fourth manufacturing facility of the South Korean electronics giant in what is now considered its complete production base.
Samsung Display Co Ltd, a subsidiary of the world’s leading smartphone maker, was officially licensed by the local government of the northern province of Bac Ninh to break ground on its screen production plant in the Samsung Bac Ninh technology complex.
Samsung Display will make and assemble the next-generation high-definition screens, including curved screens, for electronic devices at a capacity of 48 million items a year.
It will also conduct research and development activities on high-definition displays and is expected to generate around 8,000 jobs.
With four projects in Vietnam, two in each of the northern provinces of Bac Ninh and Thai Nguyen, Samsung is able to manufacture nearly all of the products in its product line in the Southeast Asian country, enabling the place to become its Asian and global complete production base.
The four Vietnam facilities of the South Korean electronics titan have a combined investment of $6.85 billion.
In 2013, Samsung Bac Ninh exported $23.9 billion worth of products with a localization rate of 33 percent, according to the management board of the Bac Ninh Industrial Park.