Production lines of Samsung Electronics Vietnam Company Ltd in Yên Phong Industrial Zone. — Photo VNA

HA NOI (Biz Hub) — The Viet Nam Glass and Ceramics for Construction Corporation (Viglacera – CTCP) officially started construction to expand Yen Phong Industrial Zone (IZ) in the northern Bắc Ninh province on March 7.

With a total area of 660ha, the construction of Yen Phong IZ is divided into two phases. The first phase, which started in 2005, covered 350ha.

Viglacera is now launching the second phase, covering 314ha, with a total investment of VNĐ3 trillion (US$140 million).

Viglacera's Director of Infrastructure Development Investment Trần Anh Tuấn said this project was expected to develop the province into a centre for the electronics, telecommunications and high-tech equipment industries in Việt Nam.

When completed, the IZ is expected to help Bac Ninh reach a total investment of $10 billion, Tuấn said.

Yên Phong IZ became operational in 2005, backed by many large investors such as Samsung, Orion, Flexcom and Dongsin, as well as Mobase, Dawo Vina and Hansol. It is considered an attractive destination for South Korean and Japanese investors as well as other multinational corporations, Tuấn said.

With Samsung's decision last year to invest an additional $3 billion in the project, Yên Phong Industrial Zone has so far attracted a total investment of up to $8 billion, of which $7 billion came from FDI capital. — VNS