Samsung invests 3 billion USD in Bac Ninh

13:27 | 09/08/2015 Economy

Bac Ninh authorities presented an investment licence to Samsung Display Co. Ltd on August 6, marking an upcoming flow of 3 billion USD from the company into the northern province.

Samsung invests 3 billion USD in Bac Ninh

Illustrative image (Source: VNA)

Located at the local Yen Phong industrial park, the Samsung project will be operational within 2015 with expected initial revenue of 1.5 billion USD, set to reach 40 billion USD in 2018 and 60 billion USD in 2020. It will also create 20,000 jobs for local residents.

According to Chairman of the Bac Ninh People’s Committee Nguyen Tu Quynh, Samsung previously invested in a 1-billion-USD project in the province that earned 17.99 billion USD from exports and contributed 3 trillion VND (138.2 million USD) to the State budget in 2014.

In recent years, the northern province of Bac Ninh has become an increasingly appealing investment destination. As of July 31, it was home to 887 projects with registered capital exceeding 12 billion USD./.

Source: VNA