Samsung raises total investment in Thai Nguyen plant to $2.27 bln

With the approval, the total investment capital for Samsung Electro-Mechanics project will be increased by $ 2.27 billion. The additional capital will be disbursed within 38 months, targeting to raise production capacity, the government website cited information from the company.

Samsung Electro-Mechanics got the first investment license in 2013 with an initial capital of $1.2 billion. The project was expanded seven times to $1.35 billion in May 2020. 

Since coming into operation in February 2015, the plant contributed to generate over 6,580 jobs. Samsung Vietnam posted revenue growth of 14 percent to $74.2 billion last year, despite the COVID-19 pandemic.

The Korean tech giant exported $65.5 billion worth of products, up 16 percent from 2020. Over 50 percent of Samsung's smartphones are produced in Vietnam, and are exported to 128 countries and territories.

By the end of last year, Samsung had invested $18 billion into Vietnam. It has six factories in the country, located in the northern provinces of Bac Ninh and Thai Nguyen and in Ho Chi Minh City.