Samsung to build $52 mln global module center with two Vietnamese partners

South Korea's Samsung Engineering Company Limited, Hai Phong Port Service JSC and AMECC Mechanical Construction JSC will build a global module center with a registered capital of $52 million.

The three firms have received an investment certificate to build the 162,513-square-meter facility at the Dinh Vu-Cat Hai Economic Zone in Hai An district, Hai Phong city.

Construction for the first phase is set to begin in the first quarter of 2023 and operation in Q4/2023. The second phase will see construction commence in Q2/2026 and operation in Q3/2027.

The center will produce 30,000 tons of steel modules a year and provide machinery installation services, earning expected annual revenues of $83.16 million and $650,400, respectively.

It also expects to earn revenues $3.2 million, $213,500 and $459,600 a year from offering industrial construction, leasing office and industrial facilities, and other warehouse services, respectively.

The investors will be eligible to benefit from preferential policies regarding corporate income tax, import tax, and export tax.

Hai Phong city recently kicked off construction of a VND2,284 billion ($92 million) dyke, in a move to fortify the Dinh Vu-Cat Hai Economic Zone against natural disaster and climate change.

The dyke will also help create an additional 2,000 hectares of industrial real estate in the southern part of the Dinh Vu Peninsula, attracting more investments and creating 100,000 new jobs, said Hai Phong Vice Chairman Nguyen Duc Tho.

The 22,540-hectare Dinh Vu-Cat Hai Economic Zone is a key coastal economic hub in northern Vietnam. It features a port system of 1,046 hectares, industrial parks of 4,550 hectares, warehouses of 209 hectares, public service centers of 761 hectares, urban areas of 2,062 hectares, traffic and technical infrastructure of 2,196 hectares, and other facilities.