Vietnam's Bac Ninh province receives $1.67 bln FDI
Vietnam’s northern province of Bac Ninh granted 18 investment registration certificates totaling $1.8 billion on Thursday, including $1.67 billion of foreign direct investment.
Granting the investment licenses on the first days of the new year was Bac Ninh province’s commitment to aid businesses, Nguyen Anh Tuan, Party chief of Bac Ninh, said at the ceremony.
A representative of Samsung Display Vietnam (holding paper) receives an investment registration certificate in Bac Ninh province, northern Vietnam, January 2, 2025. Photo courtesy of Bac Ninh news portal.
Among the major projects licensed is an investment by Samsung Display Vietnam, under South Korean chaebol Samsung. The license followed an MoU signed between Samsung Display Vietnam and Bac Ninh authorities in September 2024.
In October 2024, Samsung Display Vietnam said it would invest $1.8 billion in making OLED (organic light-emitting diode) products for information technology (IT) equipment and vehicles. It already makes OLED products for mobile phones in the country.
Tuan also called on investors, including infrastructure, high-tech, and supporting industry firms, to help improve the capacity of domestic suppliers and expand the supply chain to Vietnam.
He requested provincial agencies to reduce administrative procedures for license issuances.
Bac Ninh was Vietnam’s biggest FDI hub in 2024, with $4.8 billion, including $1.8 billion from new projects, $2.97 billion of additional capital for existing projects, and $52.8 million of capital contributions/capital acquisitions deals.
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