Spend 15 million USD to build accommodation for workers
Samsung Electronics Vietnam Co., Ltd (SEV) will spend 15 million USD to build dormitories for workers in Yen Phong Industrial Zone (Bac Ninh), a movement to prepare for the increase in production scale after SEV has been granted permission to increase capital investment to 1.5 billion USD last year.
Specifically, in the first phase, the entire 10 dormitory buildings with over 800 apartments will be completed construction, which will provide accommodation for approximately 6,000 employees of SEV, creating favorable conditions for employees to work in the long term. The project is eligible for the State’s investment incentives to build accommodation for workers in the industrial parks under the provisions of law.
4 billion USD for project of Samsung in Thai Nguyen
Samsung has decided to invest in the electronic production complex in Yen Binh 1 industrial park with the capital scale of about 4 billion USD. Hence, this could be the largest project of Samsung outside Korean territory.
According to previous information, Samsung announced plans to invest in this complex with a total investment of 2 billion USD. According to this plan, Samsung will form 100% foreign-owned enterprise operating in the type of processing business, similar to the current project in Bac Ninh. The production, processing, assembling mobile phones and other high-tech products, especially the new generation product line, high-tech applications, commercial value are key products of this group such as the Galaxy S III, Galaxy Tab, Galaxy Note…
The project is expected to attract 10,000 workers in first years of operation and it can increase to 30,000 employees in the next years. Samsung is also suggested to enjoy preferential enterprise income tax of 10% in 30 years since the start of operation, tax exempting for 4 years after profited and 50% reduction of the tax payable in the next 9 years.
On September 2012, the Government Office has issued Official Letter 7171 on the settlement of investment incentives for Samsung Electronics Vietnam. The 2nd investment project of Samsung in Thai Nguyen continues to enjoy the highest investment incentives as prescribed by law.
(Source: VnEconomy, ANT Consulting)