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| Samsung workers make the electronic devices in Yen Phong Industrial Park in Bac Ninh Province. — Photo khucongnghiep.com.vn |
HA NOI (Biz Hub) — Samsung Display Co. Lmt, a subsidiary of Samsung Group, will invest US$3 billion in its plant in Yen Phong Industrial Park in the northern province of Bac Ninh.
The government's news website chinhphu.vn said the People's Committee of Bac Ninh Province had granted the investment licence for the expansion of the Korean company on August 6.
The project will be completed this year, and initial revenue is expected to reach $1.5 billion, rising to $40 billion in 2018 and $60 billion in 2020. It will also create 20,000 jobs for local residents.
According to Chairman of the Bac Ninh People's Committee Nguyen Tu Quynh, Samsung had previously invested in a $1 billion project in the province, which earned $17.99 billion from exports and contributed VND3 trillion ($138.2 million) to the State budget in 2014.
In recent years, Bac Ninh has become an increasingly appealing investment destination. As of July 31, it was home to 887 projects with registered capital exceeding $12 billion. — VNS.