​Samsung, several major firms pour billions of dollars into Vietnam’s Bac Ninh

Sep 23rd at 14:35
23-09-2024 14:35:46+07:00

​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.

​Samsung, several major firms pour billions of dollars into Vietnam’s Bac Ninh

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.

Prime Minister Pham Minh Chinh (2nd, left) awards a decision to approve Bac Ninh Province’s development planning to a representative of the provincial administration. Photo: Ha Quan / Tuoi Tre
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.

Tuoi Tre News



NEWS SAME CATEGORY

PM receives leaders of foreign groups in Bắc Ninh

Prime Minister Phạm Minh Chính on Sunday hosted separate receptions for leaders of big foreign groups as part of his trip to the northern province of Bắc Ninh.

Investment law revisions to increase decentralisation

A draft to amend four existing investment-related laws is expected to create much stronger conditions for drawing in new investment capital.

​Vietnamese PM Pham Minh Chinh expects new North Korean ambassador to help foster bilateral cooperation

Prime Minister Pham Minh Chinh suggested what newly-appointed North Korean Ambassador to Vietnam Ri Sung Guk should do to contribute to fostering bilateral...

Việt Nam records trade surplus of US$2.4 billion with the Philippines

In the first eight months of 2024, trade between Việt Nam and the Philippines reached a total value of US$5.7 billion, marking a 21 per cent increase compared to...

PM orders efforts to settle difficulties facing businesses

Prime Minister Phạm Minh Chính on September 21 asked Deputy PMs, ministers, and heads of sectors to thoroughly deal with difficulties facing businesses, explaining...

Hanoi to boost innovation and investment

Hanoi is about to make major strides toward creating an all-encompassing startup support network.

Hanoi's economic growth spurs recruitment drive across sectors

Hanoi Employment Service Center strengthens online job exchange activities, uses technology to improve connections between labor supply and demand, and improves the...

Hanoi steps up efforts against e-commerce violations

Hanoi reaffirms its commitment to strengthening market control, especially on online platforms.

Growing interest from Chinese investors in Vietnam’s market

Chinese investment has primarily flowed into advanced manufacturing, technology, and professional services sectors.

​​​​​​​Forum discusses how HCM City can attract investment in renewable energy

A specific regulatory framework for renewable energy development is needed to encourage private capital flows into this sector in Việt Nam, including HCM City, a...


MOST READ


Back To Top