Samsung Electronics Corp., the world’s largest mobile phone maker, yesterday got the license to invest an additional $1 billion in its Samsung complex project in the northern province of Bac Ninh.
As a result, Samsung raised its total investment in Samsung Bac Ninh complex project to $2.5 billion from the earlier $1.5 billion, the Thoi Bao Kinh Te online newspaper reported Friday.
Samsung will disburse $1.5 billion for the first and second phases of the project this year and will disburse the remaining by 2017.
The complex, located at Yen Phong Industrial Zone, was Samsung’s first plant in Vietnam and went into operation in 2009. It manufactures 11 million products per month and employs 24,000 people.
In the first five months, the complex’s export revenue accounted for 90% of Bac Ninh’s total export value of $11 billion while its industrial export revenue accounted for 70% of the province’s total industrial export value.
In March, Samsung started building a $2 billion plant to produce and assemble mobile phones and hi-tech electronic products in the Yen Binh Industrial Zone of the northern province of Thai Nguyen.