Samsung, several major firms pour billions of dollars into Vietnam’s Bac Ninh
Samsung, several major firms pour billions of dollars into Vietnam’s Bac Ninh
Authorities in Bac Ninh Province, northern Vietnam on Sunday awarded investment policy decisions, registration certificates, and memoranda of understanding on investment to 18 projects, including some executed by South Korean tech giant Samsung, Taiwan-based Foxconn, and Amkor Vietnam, with a total pledged capital of over $5.5 billion.
Vietnam's Prime Minister Pham Minh Chinh (R, 3rd, second row) witnesses authorities in Bac Ninh Province grant investment registration certificates, investment policy decisions, and memoranda of understanding to major firms such as Samsung, Foxconn, Amkor, and Goertek, September 22, 2024. Photo: Ha Quan / Tuoi Tre |
Prime Minister Pham Minh Chinh attended a conference to announce development planning for the 2021-30 period and investment promotion activities in the province in 2024, witnessing multiple major firms getting these decisions and certificates.
Samsung pledged to expand its investment with a total registered capital of $1.8 billion this year, aside from a previous investment of $6.5 billion in Yen Phong Industrial Park.
At the event, Vietinbank Trade-Union Investment Joint Stock Company received a decision to allow it to invest in the Hong Lac-Xuan Lam ecological urban area project in Thuan Thanh Town with a total pledged capital of more than $1 billion.
Technology firm Amkor Vietnam was also permitted to add nearly $1.1 billion to its semiconductor and material production, assembly, and testing plant in the province.
In addition, Foxconn Singapore, a Singapore-headquartered subsidiary of Foxconn, received an investment registration certificate to inject more than $383 million into the FCPV Foxconn Bac Ninh electronic factory.
The provincial administration also issued a certificate to Goertek Technology Vina’s electronics production plant with a pledged capital of $280 million.
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| Prime Minister Pham Minh Chinh (L, 2nd) awards a decision to approve Bac Ninh Province’s development planning to a representative of the provincial administration. Photo: Ha Quan / Tuoi Tre |
Speaking at the conference, PM Chinh lauded Bac Ninh Province and the Ministry of Planning and Investment for their cooperation in holding the event and some groundbreaking ceremonies at low costs to set aside funds for victims affected by typhoon Yagi, which made landfall in northern Vietnam on September 7.
Yagi, the third storm to hit Vietnam this year, has caused an estimated loss of over $1.6 billion, possibly lowering the country’s 2024 GDP growth by 0.15 percentage points from the earlier forecast rate, according to the Ministry of Planning and Investment.
The government leader also praised the province for its efforts to invest in traffic infrastructure and arrange accommodations for workers to attract highly skilled employees and talents.
PM Chinh said that apart from attracting investment flows, Bac Ninh Province should focus on upskilling its workforce and improving social welfare.
Moreover, he hinted at boosting regional connection and production cooperation to make breakthroughs in high technology and added-value agriculture.
