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Investment pledges in SHTP grow strongly

Tuesday, 30/12/2014 GMT+7

According to the authority of SHTP, the park has attracted six domestic projects with combined registered investment capital of US$348.6 million and four foreign direct investment (FDI) projects worth about US$1.55 billion.

The new capital commitments to SHTP are beyond expectations of the authority and 1,165% higher than the target for this year.

Samsung’s US$1.4 billion electronic devices manufacturing project licensed in early October is a major contributor to the capital spike as this is the biggest project at SHTP in District 9 so far.

The Samsung CE Complex (SECC) will be developed on 70 hectares, and Samsung will set up a research and development (R&D) center for programs and applications for electronic items. The project is scheduled for coming online in the second quarter of 2016.

Last year, the SHTP authority launched a major campaign to attract projects incorporating R&D facilities and investors with big names and source technologies, and restrict projects that rely on low labor cost and incentives for high-tech developments.

Investors should prove they will add value to the products they make at the park and include R&D activities into their planned projects.

Many experts expressed concerns that SHTP would find it difficult to realize its goal as multinationals normally invest in R&D at their headquarters or in big markets with high-quality manpower and support policies.

The authority of SHTP admitted that many operational projects at the park have created low added value and mainly assembled products in the past years. One of the reasons for this is that licensing was quite easy in the initial stages of the park’s development.

Moreover, investors at SHTP have to import materials and components as supporting industries and suppliers of parts in the country cannot meet their demands.

SHTP now has 68 valid projects with total registered capital of over US$4.17 billion including US$816.6 million in 36 domestic projects and over US$3.35 billion in 32 foreign investments. Operational enterprises at the park have reported export revenues of US$9.89 billion and spent nearly US$8.8 billion on component imports so far.

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