The northern province of Bac Ninh will provide over 346 billion VND (16 million USD) to help Samsung Electronics Vietnam (SEV) build a production factory and social welfare establishments in the Yen Phong Industrial Zone.

The construction is part of the company’s Samsung Electronic Vietnam 3 (SEV3) project, which was granted investment licence by the Industrial Parks Authority last month.

The money, to be channelled for five consecutive years, will be used to assist the company in leasing nearly 559,365 sq.m land for the 1 billion-USD project.

The SEV3 will focus on the research and development of high-tech electronic products such as mobile phones, telecom devices and spare parts.

Besides, the project will build a kindergarten, cultural and sports centres, a vocational school, a medical clinic, a park and houses for workers.

Once completed in 2017, the project is expected to contribute about 27.5 million USD to the State budget each year.

Since its licence, the SEV has poured a total 2.5 billion USD into Bac Ninh province, making its technology complex here the largest of Samsung Group in the world.

So far this year, the company’s industrial production value has made up 75.2 percent of the FDI sector and 70.5 percent of the province’s figure while generating around 27,000 jobs.-VNA