S Korea semiconductor firm Signetics to invest $100 mln in northern Vietnam province
South Korean semiconductor firm Signetics, also a supplier to Samsung and SK, plans to invest $100 million in Vietnam’s northern province of Vinh Phuc.
Song Young Hee, CEO of the firm, made the statement at a Thursday meeting with Tran Duy Dong, Chairman of Vinh Phuc's People’s Committee. Dong, former Deputy Minister of Planning and Investment, was elected head of Vinh Phuc's administration last month.
Vinh Phuc People's Committee Chairman Tran Duy Dong (right) at a meeting with Signetics CEO Song Young Hee in Vinh Phuc province, northern Vietnam, August 8, 2024. Photo courtesy of Vinh Phuc news portal.
Signetics, under South Korea’s Young Poong Group of Companies and the first semiconductor assembly and test specialty company in South Korea, aims to pour the investment into the Ba Thien I Industrial Park. The firm strives to push the five-hectare project into operation next year, the executive said.
The move aims to serve Samsung’s upcoming expansion, the CEO added. He also suggested Vinh Phuc province provide the firm with incentives related to land lease and investments.
Backing the proposal, Dong asked the provincial industrial park management to cooperate with the firm in proceeding with administrative procedures to soon implement the project. Vinh Phuc province will call on infrastructure management authority to facilitate the firm’s activities, he added.
As of July 2024, Vinh Phuc has attracted foreign direct investment (FDI) of $7.33 billion in 555 valid projects, according to the Ministry of Planning and Investment. South Korea is the biggest investor with 238 projects and a total registered capital of over $3 billion.
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