Samsung to invest $1.8B more in northern Vietnam
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A subsidiary of South Korean electronics giant Samsung that has operations in the northern province of Bac Ninh is set to invest another US$1.8 billion there.
The memorandum of understanding for investment by Samsung Display Vietnam, which was signed Sunday and witnessed by Prime Minister Pham Minh Chinh, is meant for expansion.
Samsung Display Vietnam reported profits of $283.6 million on revenues of $6.8 billion in the first half of this year.
Samsung, the biggest foreign investor in Vietnam, has $22 billion in the country, half of it in Bac Ninh province.
Four factories in Vietnam contributed around 30% of Samsung’s global revenue in the period.
Bac Ninh authorities on Sunday announced approvals for $5.5 billion worth of foreign investments in various projects, including by Apple suppliers Foxconn and GoerTek.
The government seeks to make the province a dynamic economic and cultural hub of the north linked with Hanoi.
By 2050 Bac Ninh hopes to become among the economic leaders of Vietnam. It also aspires to become one of the top global centers for high-tech industries, research and development and smart manufacturing.
Questions & Answers
Q.What is the purpose of this additional investment by Samsung Display Vietnam?
What is the purpose of this additional investment by Samsung Display Vietnam?
The memorandum of understanding for the US$1.8 billion investment by Samsung Display Vietnam is specifically meant for expansion within the northern province of Bac Ninh. This will likely boost their existing operations there.
Q.How much has Samsung already invested in Vietnam and specifically in Bac Ninh province?
How much has Samsung already invested in Vietnam and specifically in Bac Ninh province?
Samsung, the largest foreign investor in Vietnam, has already invested a total of US$22 billion in the country. Half of this substantial investment, equating to US$11 billion, is located in Bac Ninh province.
Q.What are the financial results for Samsung Display Vietnam in the first half of this year?
What are the financial results for Samsung Display Vietnam in the first half of this year?
In the first half of this year, Samsung Display Vietnam reported revenues of US$6.8 billion. From these operations, the subsidiary achieved profits amounting to US$283.6 million.
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