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Samsung to invest additional 2.5 bln USD in northern Vietnam
Trieu Nhan 09:17, 2017/01/08
Samsung Display Vietnam has just announced that it will invest an additional 2.5 billion U.S. dollars in Vietnam`s northern Bac Ninh province.
The disbursement will be conducted in five years' time from 2018, bringing the total investment on display production of the South Korean manufacturer into Bac Ninh, some 30 km north of capital Hanoi, to 6.5 billion U.S. dollars.
With Samsung's investment scale expansion, Bac Ninh authorities has proposed Vietnamese government to allow Samsung Display Vietnam to be entitled to three more years with its corporate income tax reduced by half.
In Bac Ninh alone, South Korea has been granted licenses for 592 investment projects with registered capital of 8.6 billion U.S. dollars, making up 65.5 percent of total foreign investment in the province.
With the new investment, Samsung continues its role as the largest foreign investors in the country. The expansion also dispelled concerns that Samsung would halt investment plans in Vietnam after its recent incidents
Samsung has committed to invest more than 17.3 billion USD in Vietnam: including the 6.5 billion USD Samsung Display, the 9.5 billion USD Samsung Electronics Complex in Thai Nguyen, Bac Ninh (2.5 billion USD) and HCM City (2 billion USD).
In addition, the group also has the 1.2 billion USD Samsung Electro-Mechanics project in Thai Nguyen.
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