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.
