70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Corporate News
Samsung injects $920 million for operation expansion in Vietnam
Hai Yen 15:12, 2022/02/16
The latest move would bring the total capital commitment of the South Korean giant to $19.2 billion, reaffirming its status as the largest foreign investor in Vietnam.

The People’s Committee of the northern province of Thai Nguyen today [February 16] awarded the modified investment license for Samsung Electro-Mechanics Vietnam to inject an addition of $920 million into the upgrade of its factory in the province.

 Workers at Samsung manufacturing plant in Vietnam. Photo: Samsung

The move would take Samsung investment into the Samsung Electro-Mechanics plant in Thai Nguyen to over $2.27 billion.

Samsung Electro-Mechanics plant manufacture electronic and mechanical components for smartphones, telecom equipment, and hi-tech products.

The South Korean tech corporation started investing in Thai Nguyen Industrial Park in 2013 with an initial registered capital of $1.2 billion, which was later raised to $1.35 billion and has now been fully disbursed.

By late 2021, Samsung Vietnam’s total accumulated investment capital in Vietnam stood at $18 billion. The latest move would bring the total capital commitment of the South Korean giant to $19.2 billion, reaffirming its status as the largest foreign investor in Vietnam.

Samsung Vietnam currently has six manufacturing plants in Bac Ninh, Thai Nguyen, Ho Chi Minh City, and one R&D center in Hanoi. 

This investment would help Samsung better meet the market’s growing demands for electronics components.

Samsung Vietnam General Director Choi Joo Ho previously stated the company’s commitment to Vietnam as the country has been poised to become not only Samsung’s global production hub but also a key R&D center soon.

The firm is in the process of building an R&D center in the West of Hanoi with an investment capital of $220 million. As the largest of its kind by a foreign-invested business in Vietnam and Southeast Asia, the center is scheduled to complete by late 2022 and will focus on researching new technologies such as AI, Big Data, or IoT.

TAG: Samsung Vietnam South Korea Vietnam samsung thai nguyen
Other news
21:39, 2024/05/27
Techcombank wins awards for excellence from The Asian Banker
The Vietnamese bank earns a string of awards from the prestigious financial platform.
22:32, 2024/04/02
Vingroup chairman still Vietnam’s wealthiest businessman: Hurun report
All Vietnamese billionaires advance in the Global Rich List 2024, announced by research firm Hurun.
15:48, 2024/03/26
50 business leaders discuss future of AI at international conference ICISN 2024
This year's theme, 'Applying AI for Smart Solutions,' encompassed two focused discussions on the impact of Artificial Intelligence technology across various fields.
17:51, 2024/03/19
Maersk plans to build Vietnam’s largest deep-water port
Vietnam's commitment to net-zero greenhouse gas emissions at COP26 is also aligned with the A.P. Moller Maersk Group's development of green fleets and green ports.
15:47, 2024/01/31
FPT Long Chau forms partnership with IHH Healthcare Singapore
This initiative aims to bring advanced medicine closer to the Vietnamese people, fulfilling the mission of making comprehensive healthcare available to the population.
23:43, 2024/01/17
New agreement enhances Vietnam-Singapore tourism cooperation
Vietnam is one of the top 10 source markets for Singapore.