Samsung to invest $2.5 billion in Bac Ninh
Samsung requests to raise the total investment capital in Bac Ninh to $6.5 billion and to transform its high-tech projects into large scale.
Bac Ninh provincial People’s Committee has just sent an official letter to the Prime Minister to support Samsung Display Co., Ltd Vietnam (SDV) expanding its projects in Bac Ninh province. SDV has expressed a desire to invest $2.5 billion in the province during the period of 5 years starting from 2018. With this, SDV would raise its total investment in Bac Ninh to $6.5 billion and transform its high-tech projects to a larger scale.
In order to support the project transformation of SDV, Bac Ninh provincial People’s Committee proposed the Prime Minister to keep the same regulations on additional preference share and to allow 3 years of 50% corporate income tax reduction for the SDV project at Yen Phong industrial zone.
Regarding the proposal of Bac Ninh, the Government Office said it has asked the Ministry of Finance, Ministry of Planning and Investment, the Ministry of Science and Technology for comments on the proposal and would submit to the Prime Minister on the 10 /1/2017.
By the end of 2016, Mr. Hyun Woo Bang, deputy general director of SDV said that despite having trouble with Note 7, Samsung has overcome a difficult period thanks to the support of the Government and ministries in Vietnam. In 2016, Samsung Vietnam sales reached $46.3 billion up 9.9% compared to 2015 and it continues to have great influences on Vietnam economy.
Sources: 1, 2