Hong Kong aluminum firm Kam Kiu to invest $100 mln in northern Vietnam

Joint Wise Corporation, under Hong Kong-based aluminum giant Kam Kiu, will invest $100 million in manufacturing high-quality aluminum alloy in My Thuan Industrial Park, Vietnam’s northern province of Nam Dinh.

Joint Wise and Dai Phong JSC, the developer of My Thuan Industrial Park, signed an agreement to develop the project on Thursday.

Covering 12.2 hectares, the project has an annual capacity of 100,000 tons of aluminum bars, serving the production of automobile components and electronic items.

As Kam Kiu’s first overseas project, the investment will feature modern equipment and high technology of the G7 economies and will fulfill environmental requirements, a representative of the Hong Kong firm said at the signing ceremony.

Speaking at the event, Nam Dinh Chairman Pham Dinh Nghi lauded the project as an achievement of the province in attracting high-tech and eco-friendly investments. He asked relevant agencies to facilitate the project’s progress, including processing administrative procedures, construction, and operation.

The sign came one month after a meeting between Harley Lei, a Kam Kiu executive, and Party chief Pham Gia Tuc in Nam Dinh.

Registered foreign direct investment (FDI) in Vietnam hit $18 billion in the year to July 20, up 10.9% year-on-year, according to the Ministry of Planning and Investment. Nam Dinh province ranked 20th among all localities with $143.2 million in the period, down 41.2% year-on-year.