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Samsung begins work on $1.4b complex in HCM City , Vietnam

Publishdate: 2016-10-08   Views:685

Vietnam News - Economy / May 2016

Samsung begins work on $1.4b complex in HCM City, Vietnam 

Samsung Electronics broke ground on its consumer electronics complex at the Sai Gon Hi-tech Park in HCM City's District 9 yesterday. — VNA/VNS Photos Manh Linh

HCM CITY (VNS) — Samsung Electronics broke ground for its consumer electronics complex at the Sai Gon Hi-tech Park in HCM City's District 9 yesterday.

In the first stage, the Samsung Consumer Electronics HCM City Complex (SEHC) is scheduled to become operational in the second quarter of next year. It will focus on research and development and manufacture of sophisticated television sets like SUHD and Smart and LED TVs.

"The Ministry of Science and Technology highly appreciates Samsung's contributions to the country's socio-economic development," Minister of Science and Technology Nguyen Quan said at the ceremony.

Quan also praised the city's efforts in soliciting Samsung's investment, saying authorities had created favourable conditions for Samsung to invest in the project.

"The Vietnamese Government expects that with this project, Samsung Group will help Viet Nam develop its supporting industries and promote manufacture of hi-tech products in the electronics and household consumer goods sectors."

Le Hoang Quan, the Chairman of the city People's Committee, said, "HCM City has encouraged hi-tech projects, projects to build research and development centres and projects in hi-tech agriculture and in industrial parks."

Samsung said in a release that the 70ha (SEHC) indicated its long-term interest in Viet Nam.

It also began a new era of development for the hi-tech electronics industry in Viet Nam, it added.

The Korean giant came to Viet Nam with the Samsung Vina Electronics project in 1996 at the Linh Trung IP in HCM City's Thu Duc District.

The $2.5 billion Samsung Vietnam Electronics (SEV) project at the Yen Phong IP in Bac Ninh Province became operational in 2009.

The $5 billion Samsung Vietnam Electronic Thai Nguyen (SEVT) project at the Yen Binh IP in Thai Nguyen Province went on stream in March 2014.

Last year SEV and SEVT achieved combined exports of $26.3 billion, or 17.5 per cent of Viet Nam's total exports.

The two plants provide jobs for over 100,000 workers and create hundreds of thousands of more jobs indirectly.

 — VNS