THAI NGUYEN (VNS) — Samsung Electro-Mechanics Vietnam (SEMV) Co Ltd on Wednesday received a licence from authorities in the northern province of Thai Nguyen to invest US$1.2 billion in electronics production.

The Samsung Group affiliate would build a plant in the Yen Binh I Industrial Park to make integrated circuits and components for mobile devices, according to SEMV general director Seung Moryu.

The facility, expected to be finished within four years, will cover 26.5ha in the Samsung Thai Nguyen high-tech complex, which the group began to develop in late March.

Samsung is already building a $2 billion mobile phone and component factory, which will roll out 100 million products every year when operational. With the additional project, Samsung has raised its total investment capital in Viet Nam to $5.7 billion.

Thai Nguyen People’s Committee chairman Duong Ngoc Long told an investment seminar last week that the province could possibly attract $2 billion more into the industrial zone between now and the end of the year. — VNS