On August 18, foreign media reported that Vietnam intends to upgrade Bac Ninh Province and Quang Ninh Province to the status of centrally-governed cities. This strategic move is aimed at expediting the growth of Samsung's manufacturing hub and fostering development in the Ha Long Bay region. The Vietnamese National Assembly is anticipated to deliberate on and approve this proposal by the month's end.

Since Samsung established its inaugural mobile phone factory in Vietnam in 2008, Bac Ninh Province has emerged as a pivotal manufacturing site for the tech giant. Following suit, Samsung has progressively broadened its footprint, attracting other industry leaders such as Foxconn, Goertek, and Luxshare Precision to set up operations in the area. Matthew Powell, the Director of CBRE, commented that this elevation in status will propel both regions towards embracing high-tech and high-value-added industries, thereby unleashing untapped potential for capital appreciation.