Bac Ninh gives $14.2 million to Samsung Display

Friday, Jul 11, 2014 15:48

Nguyen Nhan Chien, chairman of Bac Ninh Provice's People's Committee, awards a registered investment certificate to Samsung Display company's general director Choi Kwon Young. — VNA/VNS Photo Thai Hung

BAC NINH (Biz Hub) — The northern province of Bac Ninh will give Samsung Display Co., Ltd nearly VND300 billion or more than US$14.2 million for constructing infrastructure and training of local workers.

The resolution on the financial support was approved during a session of the provincial People's Council on July 9 and 10.

Nearly VND287 billion or US$13.6 million will be used for meeting half of the infrastructure costs in more than 46 hectares. About VND12 billion or more than $571,000 will be spent on training the province's workers, at the rate of VND1.5 million or $71 per person.

The number of employees receiving support will not exceed the firm's estimated number of 8,000. Samsung Display will receive the financial support only when it fulfills its commitment on high technology as mentioned in its documents approved by the Ministry of Science and Technology.

Earlier, the Bac Ninh Province's People's Committee awarded the investment certificate to Samsung Display, a member company of the South Korean giant Samsung Corporation, for the $1-billion project in the Yen Phong Industrial Zone.

The project is expected to produce 48 million electronic parts per year, create 8,000 jobs and make an annual profit of about $6 billion.

People's Committee Chairman Nguyen Nhan Chien said that the project would contribute towards the completion of the Samsung Complex and boost the development of the electrical communications industry. He added that it would also make Bac Ninh the centre of the sector in Viet Nam and turn the province into Samsung's complete global manufacturing base.

Chien said that the project would activate the development process of the supporting industries, increase the localisation rate of the Samsung Complex and develop the services aiding industrial production in Bac Ninh. — VNS

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