Amkor speeds up Vietnam plans with additional $1.07 bln investment
U.S.-headquartered Amkor Technology Inc., which makes semiconductors, will receive certificates soon to increase its investment in the northern province of Bac Ninh by over $1.07 billion.
Bac Ninh Vice Chairman Vuong Quoc Tuan revealed this information to local press at a Monday conference held to review the province’s socioeconomic growth in the first half of this year.
Provincial authorities will sign documents for additional capital investments by Amkor in the next few days, he said.
This is 11 years earlier than Amkor Technology's original plan of investing $1.6 billion by 2035. The company inaugurated its $520-million factory in Bac Ninh in October 2023.
Bac Ninh Vice Chairman Vuong Quoc Tuan addresses a press conference in the northern province on June 17, 2024. Photo courtesy of Dan Viet (Viet People) newspaper.
Bac Ninh’s gross regional domestic product (GRDP) growth is set to reach 8.06% in the second quarter of this year. With a negative GDRP growth of 3.52% in Q1/2024, the province estimates its H1/2024 growth at 2.32%.
Tuan attributed the province’s improved performance to better, stable results from Samsung, adding that the South Korean tech giant can reach a growth of 15% in the province this year.
On the other hand, Nguyen Dinh Xuan, head of the provincial Department of Planning and Investment, attributed Bac Ninh’s recovery to reduced dependence on the performance of Samsung and the province becoming more attractive to foreign investors from other countries/territories, including China.
Amkor had said in March that it plans to begin high-volume manufacturing at its Bac Ninh facility from the second half of this year. The chipmaker said it would deliver advanced system-in-package (SiP) modules and other advanced packages with a cost-competitive solution in line with its supply chain diversification strategy.
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