China’s HG Tech plans $50 mln investment in northern Vietnam

HG Tech, a Chinese maker of optical devices, lasers, sensors and automobile components, plans to invest $50 million in building a five-hectare factory in the northern province of Bac Ninh.

Ma Xinqiang, chairman and president of HG Tech, met with Bac Ninh Chairwoman Nguyen Huong Giang Thursday and called for support from provincial authorities. He said the investment was warranted by the firm's increasingly larger network of customers in Bac Ninh.

Welcoming the investment, Giang said the plant would meet the province's priorities and pledged that local authorities would facilitate the Chinese firm’s work to the maximum. She instructed relevant agencies and departments to cooperate with the firm in project deployment.

Highlighting Bac Ninh’s investment environment advantages, Giang pointed to the province’s prime location in northern Vietnam, modern traffic infrastructure and simplified administrative procedures.

So far, the province, a northern industrial hub, has attracted 675 FDI projects from mainland China, Hong Kong and Taiwan with a total registered capital of $3.2 billion, or 13% of Bac Ninh's total, she said.

Bac Ninh is now home to over 10,000 Chinese expatriates, the highest figure among foreigners in the province, Giang noted.