HANOI, Feb 8 (Bernama) -- The People's Committee of northern Thai Nguyen province has granted an investment license to Hansol Electronics Vietnam Co, Ltd, an affiliate of South Korea's Samsung group, to produce electronic parts for the group's mobile phones, reports Vietnam News Agency (VNA).

The US$150 million project is scheduled to become operational by the end of this year to provide parts for the Samsung Electronics Vietnam Thai Nguyen (SEVT) complex.

The Hansol Electronics Vietnam General Director, Park Hyun Soon, pledged to speed up the project's progress and strictly follow Vietnam's laws and policies.

He also added that once operational, the company will employ about 6,000 local people.

Together with Hansol, Samsung Electro-Mechanics Vietnam received an investment licence to produce electronic chips for mobile phones last year.

The project, worth US$1.2 billion, is expected to begin this September.

According to Duong Ngoc Long, Chairman of the provincial People's Committee, Samsung's investment in Thai Nguyen is an important economic factor which will largely contribute to the province's socio-economic development and create the foundation for FDI projects to come in the future.

Last month, the Yongbo Vina company, also from the Republic of Korea, was licensed to invest in an US$8 million project in the northern province of Bac Ninh which will manufacture headphones, batteries, cables and chargers for mobile phones.

The province attracted US$1.474 billion in foreign direct investment in 2013, including US$1 billion of additional capital from Samsung Electronics Vietnam (SEV).

According to the SEV, as many as 60 Samsung satellite companies have poured investment worth a total of US$2 billion into Vietnam. These companies are dominating the support industry for the country's electronics sector.

By BERNAMA

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