Samsung has won a license to build a $300 million R&D center in Hanoi. (Photo: AFP)
The Hanoi People’s Committee on March 30 granted the investment license to Samsung Electronics Vietnam (SEV) to build a $300 million R&D center on a three-hectare area in Hoang Mai district, a rapidly growing urban zone in the city.
The facility, which has rent exempted during 50 years, is slated for operation in January 2020 and will employ 4,000 laborers, the Ha Noi Moi newspaper reported. Hi-tech electric, electronic and telecommunication devices will be studied and developed in it.
Nguyen Duc Chung, Hanoi’s mayor, said that the project, once in place, will help drive foreign investments, prepare high-quality labor force for the sector and boost supporting industries.
The Vietnamese government and Hanoi reportedly conceded a large number of preferences to SEV so that the R&D center project can go ahead.
Samsung is the largest single corporate investor in Vietnam so far, pouring nearly $15 billion in the Southeast Asian country. Adding to current electronic complexes, the Korean conglomerate has showed interest in investing in Vung Ang 3 thermal power plant, Long Thanh airport and other petrochemical projects.
South Korea has pledged to invest $5.23 billion in Hanoi, making the largest source of FDI in the city, according to the newspaper.