Samsung Electronics Vietnam, a South Korean Company, is planning to pour more money into Vietnam with the construction of a new production line in the northern province of Bac Ninh.
The group will increase investments by US$830 million in the Yen Phong Industrial Park in Yen Phong District in Bac Ninh Province, bringing their total investments in Vietnam to $1.5 billion.
Samsung also requested lease for an additional 40 hectares in the Industrial Park in Bac Ninh Province, to build a $700 million manufacturing plant. This decision is part of the group’s effort to expand its global production line.
The company expects the additional investment to push up turnover from $10 billion to $20 billion annually. Samsung’s facility in Bac Ninh Province has provided jobs to 50,000 workers since its inception four years ago.
Under the new project, it hopes to attract around 300 sub-investors, from its present 53, and provide work to more than 30,000 local people after completion.