Authorities in the northern Vietnamese province of Thai Nguyen on Wednesday handed over a license to Samsung Electro-Mechanics Vietnam Co. Ltd. (SEMV) that allows the company to invest an additional US$920 million in its project at Yen Binh Industrial Park in Pho Yen Town. 

The added amount raised the plant’s total capital to around $2.27 billion.

SEMV was launched in 2013 with an initial registered outlay of $1.2 billion, which then grew to $1.35 billion in May 2020 after a significant capital adjustment. 

The plant came into operation in February 2015. Its 6,580 workers manufacture HDI printed circuit boards, telecommunication components, high-tech mobile equipment, and other electronics.

SEMV made the request for an investment adjustment in late December 2021 in order to expand its plant’s production.

Choi Joo Ho, general director of Samsung, told the Vietnam News Agency that Samsung was going to allocate $220 million for a center of research and development in Hanoi in order to transform Vietnam into a strategic R&D hub.

The center is expected to be launched in late 2022 and its research focus will be on global tech trends including artificial intelligence, big data, and the Internet of Things. 

In late 2021, Samsung’s total accumulated investment in Vietnam reached $18 billion, equaling 102 percent of the accumulated figure of $17.7 billion in 2020, according to the state-run national daily. 

The additional $920 million investment has pushed the figure up to $18.92 billion, allowing Samsung to maintain its position as the largest foreign investor in Vietnam.

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