Central Vietnam province okays $88 mln automobile part project

Binh Thuan province's industrial zone authority on Tuesday granted an investment registration certificate to a $88 million project invested by Taiwan’s NeoSCM Limited.

The project, named Neotek Vietnam Industrial Factory, will cover 13.24 hectares in the Ham Kiem 2 Industrial Park of the central coastal province. It is set to begin construction later this year and enter operation in 2027.

Its annual output is 120,000 tons of suspension components for vehicles.

Speaking at the document granting ceremony, Phung Huu Cu, head of Binh Thuan's industrial zone authority, said the project is large and in line with Binh Thuan’s prioritized sector.

He also noted Binh Thuan’s advantages for investments, including its prime location and connectivity via railways, roads and a deep-water seaport. Another strength is the abundant renewable energy.

On the same day, the industrial zone authority granted an investment registration certificate to a VND100 billion ($3.9 million) domestic project.

Accordingly, local firm Aurawood Binh Thuan Company Limited will build a 1.5-hectare factory in Tan Duc Industrial Park. The plant has an annual output of 50,000 square meters of wood flooring and 6,000 cubic meters of wood furniture.

Registered foreign direct investment (FDI) in Vietnam totaled $27.26 billion in the first 10 months of this year, up 1.9% year-on-year, according to the Ministry of Planning and Investment. Binh Thuan ranked 37th among all localities with $18.4 million.