Amata-invested park in northern Vietnam guns for $1.5 bln FDI this year

Quang Ninh province, located in Vietnam’s northern key economic region, aims to attract $1.5 billion in foreign direct investment (FDI) to its Song Khoai industrial park this year.

The Song Khoai industrial park, invested by Amata City Ha Long JSC, under Thailand’s leading IP developer Amata, is situated in Quang Yen township. So far, it has welcomed 18 secondary investment projects totaling $2.6 billion, including $200 million since the start of this year.

Among these projects, three plants of Jinko Solar (Vietnam) Industries Co.,Ltd, part of China’s major solar module manufacturer Jinko Solar, have been put into operation. Eight projects are in progress, while the remaining seven are awaiting the finalization of building procedures. By end-2024, four projects are expected to go live.

Notably, the Song Khoai IP is also home to the $46-million FMMV Foxconn Quang Ninh factory, owned by Taiwanese Apple supplier Foxconn. The 4.1-hectare project was awarded an investment registration certificate in June 2023, and it is scheduled to go on line in the fourth quarter of this year.

This facility will focus on manufacturing components and molds for IT products. Once operational, it is expected to employ 700 workers, offering an average monthly income of VND10 million ($393).

Additionally, the IP houses a $154-million plant of Sweden-based Autoliv, a global player in automotive safety systems. This nine-hectare factory is 70% complete. It will be equipped with manufacturing lines in Q2/2024, and is slated for a trial run in Q1/2025. The project’s annual capacity is set to reach 10 million products, primarily for export.

In the year to April 20, Quang Ninh province attracted total FDI of $733.5 million, the fifth-highest number among all localities in Vietnam.

The province is set to grant investment registration certificates to 10 projects valued at a total of $520 million from the U.S., South Korea, mainland China, and Taiwan in Q2. By end-Q2, it is estimated to receive nearly 30 FDI projects worth $1.4 billlion, nearly half of the year's target.