With the favorable and open business environment, Vietnam has committed to be the attractive investment destination for multinational enterprises to come and set up business in Vietnam.
Samsung wants to raise the total investment in Bac Ninh to 6.5 billion USD and transferred the model from high-tech project to large-scale project…
Bac Ninh Provincial People’s Committee has just sent an official letter to the Prime Minister on supporting Samsung Display Co., Ltd Vietnam (SDV) in the process of project expansion in Bac Ninh province.
According to the Provincial People’s Committee of Bac Ninh, so far SDV has raised investment capital to 4 billion USD. Reportedly, SDV’s total revenue in 2015 was 2.7 billion USD, in which exports reached 2.5 billion USD. Accumulated to October 2016, SDV has revenue of 5.9 billion USD.
Project disbursement schedule of Samsung by the end of 2016 is estimated at 2.5 billion USD. Expected in 2017, Samsung will disburse the registered capital of 4 billion USD in Bac Ninh.
Bac Ninh confirmed that SDV has done on schedule and as planned when the entire Module 3 project when come into operation will be a prerequisite to attract more companies to serve SDV.
Notably, SDV has expressed their desire to invest an additional of 2.5 billion USD, disbursed in 5 years since 2018. Thereby, raising the total investment in Bac Ninh to 6.5 billion USD.
Recently, according to Mr. Hyun Woo Bang – Deputy General Director of Samsung Vietnam, in 2016, although the Company has to face with the problem of Samsung Galaxy Note 7, thanks to the support of the Government and Ministries in Vietnam, Samsung has overcome difficult period. In 2016, revenue of Samsung Vietnam reached 46.3 billion USD; exports reached 39.9 billion USD, increased by 9.9% compared to 2015.
Samsung accounted for 22.7% of export turnover nationwide, a slight increase compared to the rate of 20% of the previous year.
Reportedly, Bac Ninh is the province that attracting a lot of foreign investment projects in Vietnam. Moreover, Bac Ninh is the investment destination of 30 countries and territories around the world. Accumulated up to the present time, in the Industrial Zones in Bac Ninh province, 1,050 projects are licensed with a total investment of 13.1 billion USD. FDI sector has created 231,000 jobs.
ANT Consulting is here to assist you from the outset; providing corporate intelligence, risk advisory, management consulting services that assist market entrance, and ensure efficient business start-up operation. Our services are as following:
We strive to save your cost by guiding you towards economical solutions that comply with local legislation and procedures. We support you through early logistic solutions and carry you through as your business grows. We aim to bridge the gap between international best practices and local cultures and assist foreign companies and organizations entering Vietnam market to overcome commercial and regulatory issues.
We could be reached at email: email@example.com or tel: +848 3520 2779 . To learn more about us, please visit www.antconsult.vn