Samsung Consumer Electronics general director Kim Jong Ho said the first phrase of the 70-ha complex, which is slated for completion in February, 2016, will focus on research and development and manufacture of sophisticated television sets like SUHD and Smart and LED TVs.

Minister of Science and Technology Nguyen Quan said at the ceremony that Vietnam Government highly valued the development of Samsung's research and development centers in Hanoi and HCM City, shifting its investment from packaging and assembling to research, development and production in Vietnam.

The minister hoped that with this project, Samsung Group would help Vietnam develop its support industry and promote manufacture of hi-tech products in the electronics and household consumer goods sectors.

Samsung is expected to realize its commitment to HCM City’s economic growth and corporate social responsibility to the society and the environment.

On his speech at the ceremony, Le Hoang Quan, Chairman of the city’s People's Committee said the Samsung Consumer Electronics HCM City Complex would contribute to accelerating the city’s export turnover, increasing the localization ratio and help the city join the global supply chian. It is also expected to improve he quality of the skilled technician force.

HCM City is now home to more than 5,000 foreign-invested projects with a combined investment capital of US$37.7 billion. Of the total, 1,078 worth US$3.6 billion came from Korea.

Samsung Electronics’ projects in Thai Nguyen, Bac Ninh and HCM City total US$13 billion.

HCM CityWeb