More Samsung satellite companies invest in Vietnam
The northern province of Thai Nguyen has granted an investment license to Hansol Electronics Vietnam Co., Ltd., an affiliate of the Samsung group of the Republic of Korea, to produce electronic parts for the group’s mobile phones.
Hansol Electronics Vietnam General Director Park Hyun Soon pledged to speed up the project’s progress and strictly follow Vietnam’s laws and policies.
He also added once operational, the company will employ about 6,000 local people.
Together with Hansol, Samsung Electro-Mechanics Vietnam received an investment license to produce electronic chips for mobile phones last year. The US$1.2 billion project is expected to begin this September.
Last month, Yongbo Vina of the Republic of Korea was licensed to invest in an US$8 million project in the northern province of Bac Ninh, specialising in headphones, batteries, cables and chargers for mobile phones.
The province attracted US$1.474 billion in foreign direct investment in 2013, including US$1 billion of additional capital from Samsung Electronics Vietnam (SEV).
According to the SEV, as many as 60 Samsung satellite companies have poured investment worth a total of US$2 billion into Vietnam. These companies are dominating the support industry for the country’s electronics sector.