ROK company invests US$100 million in northern Bac Ninh province

Friday, 2017-03-03 04:36:45
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Chairman of the Bac Ninh provincial People’s Committee Nguyen Tu Quynh grants the investment license to the Hanwha Techwin Security Company.
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NDO—Chairman of the Bac Ninh provincial People’s Committee Nguyen Tu Quynh granted an investment license to a project worth US$100 million (equivalent to approximately VND2.3 trillion) by the Republic of Korea (ROK)’s Hanwha Techwin Security Company.

Accordingly, the project will cover an area of six hectares at the Que Vo industrial zone and will specialise in manufacturing electronic circuits, semiconductors, electronic chips, computers and camera, among others.

Bui Hoang Mai, head of the province’s IZ management board, said that in its investment attraction strategy for 2015-2020, Bac Ninh is prioritising the power, electronic, mechanical engineering and semiconductor industries and supporting industries.

Once operational, the Hanwha project will generate more jobs for labourers, increase the local budget revenue and contribute to Bac Ninh’s socio-economic development, he added.

Earlier, on February 24, Bac Ninh also licensed the Samsung Display Vietnam expansion project worth, US$2.5 billion, thereby increasing the province’s foreign direct investment (FDI) attraction to US$2.7 billion in the first two months of 2017.

As of February 2017, IZs across Bac Ninh had attracted 1,086 projects with total registered capital of US$15.87 billion, including 659 FDI projects worth US$14.13 billion, offering employment to more than 230,000 workers and contributing VND7 trillion (US$308 million) to the State budget in 2016 alone.