Samsung to invest $1.8B more in northern Vietnam

[admin]

Samsung Display Vietnam, a subsidiary of South Korean electronics giant Samsung, is set to invest an additional $1.8 billion in the northern province of Bac Ninh, as part of an expansion plan. This move, formalized through a memorandum of understanding signed in the presence of Prime Minister Pham Minh Chinh, comes after the company reported profits of $283.6 million on revenues of $6.8 billion in the first half of the year. Samsung, the largest foreign investor in Vietnam, has invested $22 billion in the country, with half of that in Bac Ninh, where its four factories have contributed about 30% of Samsung's global revenue.
 

Bac Ninh province is positioning itself as a future economic and high-tech hub, with the government approving $5.5 billion in foreign investments, including projects by Apple suppliers Foxconn and GoerTek. The province aims to become a leading economic region in Vietnam by 2050, aspiring to be one of the top global centers for high-tech industries, research and development, and smart manufacturing, further linking its economic development with Hanoi.