The northern province of Bac Ninh will provide over 346 billion VND (16 million USD) to help Samsung Electronics Vietnam (SEV) build a production factory and social welfare establishments in the Yen Phong Industrial Zone.
The northern province of Bac Ninh will provide over 346 billion VND(16 million USD) to help Samsung Electronics Vietnam (SEV) build aproduction factory and social welfare establishments in the Yen PhongIndustrial Zone.
The construction is part of the company’sSamsung Electronic Vietnam 3 (SEV3) project, which was grantedinvestment licence by the Industrial Parks Authority last month.
The money, to be channelled for five consecutive years, will be usedto assist the company in leasing nearly 559,365 sq.m land for the 1billion-USD project.
The SEV3 will focus on the research anddevelopment of high-tech electronic products such as mobile phones,telecom devices and spare parts.
Besides, the project willbuild a kindergarten, cultural and sports centres, a vocational school, amedical clinic, a park and houses for workers.
Once completed in 2017, the project is expected to contribute about 27.5 million USD to the State budget each year.
Since its licence, the SEV has poured a total 2.5 billion USD intoBac Ninh province, making its technology complex here the largest ofSamsung Group in the world.
So far this year, the company’sindustrial production value has made up 75.2 percent of the FDI sectorand 70.5 percent of the province’s figure while generating around27,000 jobs.-VNA
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