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Samsung Vietnam adopts $1.4b for investment

Sat, 04 Oct 2014. Last updated Thu, 25 Jun 2015 08:52

On October 1, the Chairman of Samsung Vietnam gets license for US$1.4 project of investment in Vietnam. The project, Samsung CE Complex, is seen to have the largest capital ever. The factory will be constructed in Saigon Hi-Tech Park.

The electronic products manufacture project has the largest capital over the past 8 years in Saigon Hi-tech Park. On October 1, the Chairman of Samsung Electronics received the investment certificate from authorities of Ho Chi Minh City at the headquarters of Samsung Group in Korea. The event witnessed the participation of Vietnam Communist Party's General Secretary Nguyen Phu Trong, on his visit to Korea at the invitation of Korean President Park Geun-hye. The project "Samsung CE Complex" (SECC) will be constructed on an area of 70 hectares in Saigon Hi-tech Park. The project has aims of researching, developing and manufacturing high- technology electronic products and devices. The project is expected to build in January 2015 and launch in the second quarter of 2016.

 

Nguyen Phu Trong General Secretary and Vice Chairman of Samsung Electronics

 

The project is divided into two phases. The first phase focuses on manufacturing civil electronic products such as Smart TV, TV LCD, and LED. The second phase is characterized by manufacturing other civil products. This is the newest project of Samsung Vietnam. It is also the continuation of previous Samsung Vina project, but with a larger scale and aiming at the export market in the region and in the world. Leaders of management board of Saigon Hi-tech Park (SHTP) said, in addition to products of TVs, the Samsung project will also produce civil electronics products of high technology such as air conditioning, refrigerator, and washing machine with high-technology applications. This is the line of civil electronic products that Samsung is promoting its business in Vietnam market through import. In addition, Samsung will establish a Center for Research and Development (R & D) to study programs and software applications for the electronics product lines of the project.

According Saigon Hi-tech Park, SECC project was surveyed, studied on conditions and policies on investment in provinces and cities across the country by Samsung Electronics Corporation for more than a year. By September 18, Samsung officially apply for investment in Saigon Hi-Tech Park. It is the second projects of Samsung having investment capital of over a billion dollars licensed from early this year, following research and development project of producing high-resolution screen in Bac Ninh province, invested by Samsung Display by early July 2014. Along with Samsung Electronics Vietnam Complex in Bac Ninh (SEV) and the Samsung High-Tech Zone Complex in Thai (SEVT), Samsung CE Complex in Ho Chi Minh City will continue to contribute to making Vietnam become a strategic link in the global supply chain of Samsung.

 

Ceremony of handing license for Samsung Display

 

So far, Samsung Electronics has invested in Vietnam with the following projects:

First, it is Samsung Vina Electronics certificated in 1995. The project was launched in 1996 with its factory in Linh Trung, Thu Duc (Ho Chi Minh City). The factory specializes in manufacturing civil and electronic products and appliance. Second, it is Samsung Vietnam Electronics (SEV) licensed in 2008 and operates in April 2009. Its factory is located in Yen Phong Industrial Zone (Bac Ninh) with a total investment capital of US$ 2.5 billion (after raising capital for the second time in 2013). In 2013, SEV project had had a total export turnover of more than US$ 20 billion, accounting for 18% of export turnover of the whole country, contributing to the achievement of making Vietnam become a surplus country after nearly 20 years. Third, it is Samsung Vietnam Electronics Thai Nguyen (SEVT). The project was certificated in March 2013 and operated in March 2014. Its factory is situated in Yen Binh Industrial Zone (Thai Nguyen) with a total investment capital of US$ 2 billion. Not only being an outstanding economic contributor, Samsung also actively participates in social activities with many investment programs in education, research, and scholarship programs in localities and other community activities.

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