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Samsung investment in Vietnam to top $20bn in 2017: ministry

Tuesday, December 16, 2014, 14:48 GMT+7
Samsung investment in Vietnam to top $20bn in 2017: ministry
Models pose with Samsung Electronics' Ultra HD LCD televisions during World IT show 2013 at the Coex convention centre in Seoul May 22, 2013.

Samsung is eyeing several new investments in Vietnam which could help increase its total registered capital in the country to US$20 billion by 2017, among which is the possibility of taking part in the implementation of the multibillion-dollar Long Thanh International Airport project.

The Korean electronics titan is likely to seek investment in several components of the $18.7 billion airport, once it is approved by the National Assembly, the Ministry of Planning and Investment said in a report to the government.

The document recaps the cooperation with Samsung, which has so far invested almost $13 billion in the Southeast Asian country.

The corporation is expected to prepare prefeasibility reports in the first quarter of 2015 and announce its investment decision by the end of that year, according to the Vietnamese ministry.

The fields Samsung wants to invest in include terminal constructions, airport operation services, and duty-free trades.

The South Korean firm also plans to build a 300-hectare shipyard in the coastal city of Cam Ranh in the south-central province of Khanh Hoa, according to the investment ministry.

The facility is expected to cost $2.6-2.8 billion.

The Vietnamese Ministry of Transport is trying to sell the plan to build Long Thanh airport, to be located in the eponymous district of the southern province of Dong Nai, around 32km east of Ho Chi Minh City.

The total capital required to build the new airport, designed to be able to handle 100 million passengers a year by its last phase, is estimated at $18.7 billion for all three phases, according to a report by the ministry.

The first phase ending by 2025 will require an estimated $7.8 billion, while the respective capital needed for the next two phases, completed by 2030 and after that, is $3.8 billion and over $7 billion.

The new airport is hoped to ease pressure on Tan Son Nhat International Airport in Ho Chi Minh City, which the transport ministry said will become overloaded somewhere between 2016 and 2017.

Samsung is running a number of multibillion-dollar projects across Vietnam.

In 2014 alone, the company pumped an additional $5.4 billion into the Southeast Asian country through its $3 billion second production complex in the northern province of Thai Nguyen, the $1 billion screen-making plant in the northern province of Bac Ninh, and the $1.4 billion consumer electronics factory in Ho Chi Minh City.

The company also signed a memorandum of understanding last month to develop a $2.5 billion thermal power plant in the north-central province of Ha Tinh.

Samsung’s existing projects in Vietnam include the $2.5 billion manufacture complex in Bac Ninh, the $2 billion complex in Thai Nguyen, and the $36.5 million screen-making factory in Ho Chi Minh City.

The investment ministry projected that Samsung’s total investment in Vietnam will rise to $20 billion by 2017.

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