The Northern province of Thai Nguyen on Tuesday granted an investment certificate to Samsung Electrics Viet Nam (SEVT), opening way for the company to build the second mobile phone factory in the locality.
The US$3 billion project will be located near the company’s first factory which came into operation in March this year with the total investment capital of US$2 billion.
The two factories are expected to create jobs for around 100,000 local residents.
Samsung has become the biggest foreign investor in Viet Nam after pouring up to US$11.2 billion in the Southeast Asian country. Its export value accounts for approximately 20% of the country’s total export figure.
Vietnamese Government leaders applauded Samsung’s decision to expand investment in Viet Nam, adding that it would contribute to the strategic partnership between Viet Nam and the Republic of Korea, during their earlier meetings with the giant’s leaders.