Bac Ninh helps Samsung carry out new project
The northern province of Bac Ninh will provide over VND346 billion (US$16 million) to help Samsung Electronics Vietnam (SEV) build a production factory and social welfare establishments in Yen Phong Industrial Zone.
The construction is part of the company’s Samsung Electronic Vietnam 3 (SEV3) project, which was licenced by the Industrial Parks Authority last month.
The money will be used by the company in five years to lease nearly 559,365 sq.m land for the US$1billion project.
The SEV3 will focus on the research and development of high-tech electronic products such as mobile phones, telecom devices and spare parts.
Besides, the project will build a kindergarten, cultural and sports centres, a vocational school, a medical clinic, a park and houses for workers.
Once completed in 2017, the project is expected to contribute about US$27.5 million to the State budget each year.
The SEV has so far poured US$2.5 billion into Bac Ninh province with its technology complex here becoming the largest of Samsung Group in the world.
The company employs around 27,000 workers and its industrial production makes up 75.2 percent of the FDI sector and 70.5 percent of the province’s total figure.