Doosan to quadruple northern Vietnam factory investment to $120 mln

South Korean conglomerate Doosan plans to invest an additional $120 million in its Vietnam subsidiary Doosan Electro-Materials Vietnam in the northern province of Hai Duong to expand production.

Bae Si Hwan, CEO of Doosan Electro-Materials Vietnam, disclosed the information at a meeting with Trieu The Hung, Chairman of Hai Duong province, on Thursday.

The firm’s Hai Duong factory, with an investment of $39 million, received its investment certificate in May 2020 and entered operation in September 2022. The plant can manufacture 50 million flexible printed circuit boards (FPCB) annually with a revenue of $26 million from its import-export and product distribution activities.

The firm plans to sign a memorandum of understanding for the expansion at the “South Korea-Vietnam business forum” on June 23, as part of South Korean President Moon Jae-in’s visit to Vietnam from June 22-24.

In reply, Hung welcomed the additional investment from Doosan, adding that the province is working with relevant authorities to process the procedures correctly.

Hai Duong has so far attracted 503 foreign direct investment (FDI) projects with total registered capital of $9.3 billion, the 11th-highest in Vietnam in terms of capital. South Korea, with 134 projects worth $1.43 billion, is the third largest foreign investor in the province in terms of capital.

In 2021, export revenue from South Korean businesses in Hai Duong reached 9.2% of the province’s total, and accounted for 9% of Hai Duong’s gross regional domestic product (GRDP).