VietNamNet Bridge – Ho Chi Minh City has approved the application by the Republic of Korean Samsung Group to construct a US$1 billion electronics manufacturing facility at the city’s Hi-Tech Park.

Vice Chairman of the municipal People’s Committee Le Manh Ha said the decision by Samsung to proceed with the project is a strong signal that investor confidence remains unaffected by recent social disorder, which sprung out of the East Sea dispute.

It demonstrates investors’ continued faith and trust in the city’s effort to accelerate administrative reforms, simplify investment procedures and offer incentives to facilitate foreign businesses operating in the city.

Regarding the social disorder earlier in May, a number of workers and people demonstrated against China’s illegal deployment of its oil rig Haiyang Shiyou-981 in Vietnam’s Exclusive Economic Zone (EZZ) and continental shelf.

A handful of extremists took the occasion to violate the law and vandalize some foreign direct investment (FDI) businesses, causing property damage and loss of profits as business had to temporarily shutdown.

The city timely responded to the incidents, directed forces to take control of the situation, restoring law and order enabling the business to resume full-unimpeded operations.

Samsung’s investment in the electronic factory is in line with the city’s guidelines encouraging investment in high-tech products so the city will soon complete procedures, clearing the pathway for the Samsung to proceed, Ha affirmed.

In 2009, Samsung Group inaugurated a US$2.5 billion factory in Bac Ninh Province manufacturing mobile phones.

In March 2013, it started construction of a second high-tech complex in Thai Nguyen on 100ha at a cost of US$2 billion. Once completion, the factory will produce and assemble mobile phones and other hi-tech products.

Source: VOV