HK conglomerate Chung Nam to invest $50 mln in northern Vietnam phone components plant

Chung Nam, a Hong Kong-based conglomerate, plans to invest $50 million in a factory manufacturing camera parts for phones in Nam Dinh province.

Plans for the factory were discussed by the firm’s executives at a meeting last weekend with Pham Gia Tuc, a Central Party Committee member and Party chief of Nam Dinh.

The $50-million investment is for the first-phase of the project, the firm said.

The delegation asked for support in terms of workforce and power supply for the project that would be located at My Thuan Industrial Park.

Tuc emphasized Nam Dinh’s advantages for the firm, including the location of stations on the North-South express railway route, the province’s proximity to Bac Ninh and Thai Nguyen provinces that host major smart phone makers like Samsung.

Tuc also noted that electronic giant Quanta has been investing in the northern province, showcasing its capacity to support foreign businesses.

On support for workers, Tuc said Nam Dinh was preparing to build a housing area near My Thuan Industrial Park and a provincial general hospital. He also noted that more than one million of Nam Dinh’s two million population are of working age, meeting businesses’ labor demand.

Tuc urged Chung Nam to utilize advanced technology instead of relocating outdated production lines to the province.

In the first six months of this year, Nam Dinh province recorded an economic growth of 8.56%, well above the national figure of 6.42%. During this period, the province attracted 19 foreign direct investment (FDI) projects with a total registered capital of $148.9 million. So far, it has attracted a total of 170 FDI projects worth $4.1 billion.