Samsung will invest an additional 1.8 billion USD in Bac Ninh

The signing and handover of the project development memorandum between the People’s Committee of Bac Ninh province and Samsung Display Company is within the framework of the conference to announce the province’s planning and investment promotion in 2024. Prime Minister Pham Minh Chinh, Minister of Science and Technology Huynh Thanh Dat, Minister of Health Dao Hong Loan and many leaders, international organizations, and diplomatic agencies also attended the event on the afternoon of September 22.

Samsung Display (SDV)’s $1.8 billion project to produce screens and electronic components will be located in Yen Phong Industrial Park, Bac Ninh Province. The South Korean group has invested in the northern industrial capital since 2008. Currently, besides SDV, this group also has Samsung Electronics Vietnam (SEV) which also has a factory in Bac Ninh.

In the first half of this year, the SDV factory in Bac Ninh achieved revenue of 6.8 billion USD and profit of 283.6 million USD. SEV recorded revenue of more than 8.2 billion USD and profit of over 692 million USD.

Samsung is currently the largest foreign direct investor in Vietnam, with six factories in Bac Ninh, Thai Nguyen and Ho Chi Minh City with a total capital of more than 22 billion USD. Of this, the investment capital in Bac Ninh accounts for about half.

At today’s conference, Bac Ninh province granted investment policy decisions, investment registration certificates, memorandums of understanding, and agreements in principle for a series of projects in the area with a total capital of 5.5 billion USD (including SDV’s project). Several other foreign giants also increased their investment capital in Bac Ninh this time, such as Foxconn Group and GoerTek – an audio product supplier for Apple.

Prime Minister Pham Minh Chinh also presented the decision approving the Bac Ninh Planning for the period 2021 – 2023, with a vision to 2050, to the provincial leaders. Accordingly, Bac Ninh aims to become a centrally-run city by 2030, as well as a dynamic economic and cultural center of the Northern region and one of the development poles of the Red River Delta, closely connected to the capital Hanoi.

By 2050, Bac Ninh will be among the top localities in the country in terms of economic scale. At the same time, this locality will become one of the leading centers of high-tech industry, research and development, and smart manufacturing in Asia and the world.