Bac Ninh factory expansion to see Samsung earn $40 billion in revenue by 2018.
Samsung Display in Vietnam received an investment certificate on August 6 to invest an additional $3 billion in expanding its factory in northern Bac Ninh province.
The additional capital increased the total for Samsung Display to $4 billion, following the $1 billion in capital invested for researching and developing high-resolution screens.
The project was issued a license last year on an area of 46.28 ha at the Yen Phong Industrial Zone in Yen Phong district to manufacture and assemble the next generation of high-resolution screens for smartphones, tablets, and PCs. Production is not only for Samsung in Vietnam but also for the global market.
Vietnamese media have reported that Samsung Display in Vietnam earned $1.5 billion in revenue shortly after beginning operations. In 2018 it is expected to record $40 billion and $60 billion by 2020. It is also estimated to generate significant export turnover and create 20,000 jobs.
Authorities in Bac Ninh province have provided the company with favorable conditions in electricity, water, recruitment, transport, worker housing and public welfare projects. It also cut the time for completing administrative procedures.
Expanding the factory is part of Samsung’s efforts to enhance the manufacturing capacity of its technological complexes in Bac Ninh and nearby Thai Nguyen province.
In recent years Bac Ninh has become an attractive investment destination for giant enterprises such as Samsung, Canon, Microsoft, and ABB. As at July 31 it had 887 investment projects with total registered capital of $12 billion.