Samsung expands CE Complex by $600 million
Samsung expands CE Complex by $600 million
On December 29, the Management Board of Saigon High-Tech Park (SHTP) approved Samsung’s plan to expand its existing $1.4 billion Samsung Electronics Ho Chi Minh City Complex (SEHC) by more than $600 million, increasing the complex’s total investment capital to over $2 billion.
Licensed in September 2014, the construction of the complex was started in May 2015 and is expected to come into operation in February 2016. The factory is currently in the final stages of construction and installation of machinery and equipment.
SEHC, covering an area of 70 hectares inside SHTP, will focus on research and development as well as the production of high-end TV products, such as SUHD TVs, Smart TVs and LED TVs, besides other consumer electronics products, during its first phase of operation. In the second phase, the complex will produce washing machines, fridges, vacuums, and other electronic home appliances, mostly for export purposes.
Furthermore, SEHC will set up a research and development centre for audiovisual devices at SHTP, which will help strengthen the development of the hi-tech sector in Ho Chi Minh City.
Being the largest licensed project at SHTP in terms of registered capital to date, SEHC will create approximately 15,000 jobs.
Debuting in Vietnam in 1996, the Korean giant currently has three manufacturing facilities, including the Samsung Vina Electronics project in Ho Chi Minh City and the $2.5 billion Samsung Vietnam Electronics project in the northern province of Bac Ninh which became operational in 2009. The remaining one is the $5 billion Samsung Vietnam Electronic Thai Nguyen complex, which went on stream in March 2014.
Additionally, Samsung has expressed interest in several major projects, including Vung Ang 3 thermal-power plant, Long Thanh international airport, and Long Son oil refinery.
