Samsung investment to hit US$1.5 billion

(VOV) -Samsung has recently been granted an investment license to build a mobile phone and electronics production plant in the northern province of Bac Ninh.

The plant, the second of its kind in the province, has received strong support from the Vietnamese Government.

The newly-licensed plant, named Samsung Electronics Vietnam (SEV) Co. Ltd, has an estimated investment capital of US$830 million, increasing Samsung’s total investment in Bac Ninh to almost US$1.5 billion.

The project will cover an area of 40 hectares in Yen Phong industrial park.

SEV is expected to double its current revenue of US$10 billion in the coming year. It aims to generate jobs for over 30,000 workers and provide business for around 300 satellite suppliers.