Lease signature in Yen Binh Industrial Park

On February 6th, at the Provincial People’s Committee, in witness where of the leaders of the Provincial Committee of the Party, People's Council and Provincial People's Committee, Samsung Electronic Co., Ltd. Vietnam led by General Director, Mr. Yoo Young Bok, signed a lease with Yen Binh Development Investment Joint Stock Company to implement the project of Samsung high-tech complex in Yen Binh Industrial Park (Yen Binh Complex of urban area, industry, agriculture and service, Pho Yen and Phu Binh district, Thai Nguyen). In attendance were Mr. Pham Xuan Duong, member of the Central Committee of the Party, Provincial Party Committee Secretary, Delegation Leader of the National Assembly; Mr. Duong Ngoc Long, Vice Deputy secretary of province, Chairman of the Provincial People’s Committee; representatives of the Central Government Office; permanent leaders of the Provincial People's Council; leaders of departments, enterprises in province and Pho Yen district.

Samsung Group is a South Korea's major economic group which is investing in manufacture of high-tech field of electronic components in many countries around the world. In Viet Nam, Samsung Group has implemented many investment projects having economic efficiency, attracting and creating jobs for tens of thousands of workers and having much contribution to the State Budget.

According to the signed contract, in the early stage, Samsung Electronics Vietnam Co., Ltd. will lease 100 hectares of land in 49 years. Lessor will hand over site plan in two phases. In the short term, in the first quarter of 2013, Yen Binh Development Investment Joint Stock Company will hand over 50 hectares for Samsung Electronics Vietnam Co., Ltd. and the remaining, 50 hectares, will be handed over in 2013.

On behalf of Samsung Group, General Director, authorized representative of Samsung Group in Viet Nam, Mr. Yoo Young Bok highly appreciated the positive cooperation and assistance of Thai Nguyen. Mr. Yoo Young Bok said that at present, Vietnam Samsung Group makes up 14% of Vietnam's total export value, and with the 2,500 Thai Nguyen people working in this group, which will certainly create attraction to thousands of laborers to work at Samsung.

Speaking at the ceremony, Mr. Pham Xuan Duong highly appreciated the choice of construction location for the project of Samsung high-tech complex and Mr. Yoo Young Bok, CEO of Samsung Electronics Vietnam Co., Ltd. In Yen Binh Industrial Park. He required the provincial People’s Committee to continue to direct the branches, departments, and Pho Yen administration in order to co-ordinate effectively with Yen Binh Development Investment Joint Stock Company in the work of clearance, infrastructure construction in industrial park and create the best conditions for early Samsung Electronics Vietnam Co., Ltd to implement the project according to the committed progress.

As informed earlier, Samsung representatives and leadership of Thai Nguyen and Yen Binh Development Investment Joint Stock Company repeatedly discussed land leasehold to invest in building plant of manufacturing, processing, assembling cell phones and other high-tech electronic products with the initial investment capital of USD 2 billion in Yen Binh industrial park. Under the project, Samsung will establish  enterprises with 100% foreign capital operating in the form of export processing enterprises which are similar to the current projects in Bac Ninh. Producing, processing, assembling mobile phones and other high-tech products, especially the new generation products with high-tech applications, bring commercial value and those products are the key products of group such as Galaxy SIII, Galaxy Tab, Galaxy Note, etc.

The project will be invested in Yen Binh Industrial Park with the goal of using the 10,000 workers in the first years of operation and can be increased to 30,000 workers in the following years.