China-invested electronics firm Guoguang to invest $40 mln in central Vietnam
Gouguang Electric (Vietnam) Company Limited, under Chinese giant Guoguang Electric Co., Ltd. (GGEC), is set to invest $40 million in building a factory in Vietnam’s central province of Quang Nam.
GGEC is a supplier for top global brands like Harman/kardon, JBL, Bose and Sony.
A corner of Dien Nam-Dien Ngoc Industrial Park in Quang Nam province, central Vietnam. Photo courtesy of Quang Nam newspaper.
According to an investment registration certificate granted by Quang Nam authorities last month, the project will cover 7.7 hectares in the Dien Nam-Dien Ngoc industrial park of the central province.
The project has an annual output of two million loudspeakers, equivalent to 3,000 tons; and 3.5 million loudspeaker domes, equivalent to 700 tons.
The firm aims to complete the administrative procedures in the second quarter (Q2) of this year, conduct the factory construction and equipment installation in Q2/2024-Q2/2025, begin trial production in Q2/2025, and commence official operation in Q3/2025.
The 357-hectare Dien Nam-Dien Ngoc industrial park, located in the urban area of Quang Nam province, has attracted 63 investments, including 33 foreign direct investment (FDI) ones with a total registered capital of $500 million, according to the provincial authorities.
An advantage of the facility is its prime location, about 20 kilometers away from Danang International Airport in the neighboring city of Danang and 29 kilometers away from Tien Sa seaport, also in Danang city.
Registered FDI in Vietnam reached $9.27 billion in the year to April 22, while disbursed FDI hit $6.28 billion, the highest figure in the last five years, according to data of the Ministry of Planning and Investment.
In the period, Quang Nam ranked 18th with FDI pledges totaling $87.06 million, according to the ministry.
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