VN Dealbook: LIX partners with Xavinco, Samsung to move unit to Vietnam
Saturday, April 25,2015AsemconnectVietnam - Vietnam’s property giant Vingroup’s subsidiary partners Hanoi-based property from Vinachem. In the foreign direct investment, South Korea’s Samsung is to decide between China or Vietnam as possible destination to relocate its LCD business..
Lix Deterrent partners with Vingroup subsidiary for realty project
LIX Deterrent JSC (LIX) has announced that it will partner with Xavinco Real Estate JSC to form a project entity, with a maximum charter capital of VND500 billion ($23.26 million).
LIX will contribute as much as 26 per cent of the capital.
The partnership is in line with the direction of the Hanoi City’s people’s committee to relocate factories outside of the city. Therefore, LIX will have to transform the land use of its 12 square metre Hanoi-based plant to another purpose.
The JV with Xavinco Real Estate, a subsidiary of the local property giant Vingroup (Vingroup holds 96 per cent), this property of LIX will probably be used for developing a real estate complex project.
It is located on the same street as the Vingroup’s Royal City project, which was inaugurated in 2013.
LIX, a member of the Vietnam National Chemical Group (Vinachem), posted a gross profit of VND42 billion in the first quarter of 2015, accounting for 40 per cent of the year’s target. Last year, its profit after tax stood at VND80.8 billion.
After separating its LCD and OLED businesses, Samsung Display is considering moving its LCD module business, which is still operating in South Korea, to China or Vietnam as related labour expenses in South Korea have been rising dramatically. This was reported by the Korean-language AJU Business Daily.
Since the assembly of LCD modules still requires heavy manual labour, Samsung Display is looking to move production lines out of South Korea to save costs, while the manufacturing of the cell, which is highly automated, will stay in the country.
Meanwhile, the Vietnamese publication Dau tu (Investment) has recently reported that Samsung Electronics will build a $1.4 billion project called the Samsung CE Complex in HCM City in the south of Vietnam. The project will encompass a research and development activities and the production of smart TVs, LCD TVs and LED TVs.
Samsung, which has been an investor in Vietnam for 20 year, has already constructed two high-tech parks worth a combined investment value of $7.5 billion in northern provinces of Bac Ninh and Thai Nguyen.
Last year, they exported $26.25 billion worth of electronic items.
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