China industrial firm Boway to invest $350 mln in northern Vietnam

Boway, a leading Chinese business engaging in new materials, new energy, and other industries, plans to invest $350 million in Hai Duong province.

Boway signed an agreement to lease 20 hectares of land in Hai Duong’s Cong Hoa Industrial Park for project development on Monday. The firm will build a factory there for manufacturing photovoltaic panels, solar energy conversion modules, high-tech alloy strip plates, and others.

The firm plans to put the project into official operation next year after completing all legal procedures and construction.

The 201-hectare Cong Hoa Industrial Park is developed by Hai Duong-based Vietnam Rubber Industrial Zone and Urban Development JSC, with an investment of VND1.08 trillion ($45.4 million). It is under a study to expand to 350 hectares.

The facility has a prime location 50-60 kilometers from Hai Phong seaport and Cat Bi airport in the northern city of Hai Phong; 75 kilometers from Noi Bai airport in Hanoi; and 73 kilometers from the China-connected Cai Lan port in the northern province of Quang Ninh.

Established in 1987, Boway now has manufacturing and research and development (R&D) facilities across the world. In Vietnam, its establishments include a bar and wire manufacturing facility, a new energy manufacturing facility, a precision wire manufacturing facility, and a sanitary ware manufacturing facility, all in the northern province of Bac Giang.

Vietnam is also home to Boway’s subsidiaries Boviet Solar, a photovoltaic brand, and Italisa, a high-end sanitary hardware manufacturer.

Hai Duong attracted foreign direct investment (FDI) of $232.9 million in the first seven months of this year, according to the Ministry of Planning and Investment. The figure included $178.6 million from 38 new projects, $45.8 million of additional capital for 16 existing projects, and $8.5 million of capital contributions for stake acquisitions.