Hong Kong battery maker plans $5.5 mln additional investment in southern Vietnam
The Singapore subsidiary of Hong Kong-based Leoch Battery will invest an additional $5.5 million in its project in Binh Phuoc, the largest province in southern Vietnam.
According to an investment certificate recently granted by Binh Phuoc authorities to Leoch International Holding PTE. Ltd., the extra investment will increase the firm’s total investment to $35.1 million.
The investment addition is the eighth amendment to the original certificate granted in September 2017.
So far, the firm has disbursed $29.6 million for the project and will complete its investment plan by the end of this year.
Work in progress at a Leoch Battery factory in Binh Phuoc province, southern Vietnam. Photo courtesy of Binh Phuoc newspaper.
The project covers 3.6 hectares in the province’s Becamex-Binh Phuoc Industrial Park. Its first phase became operational in June 2023 with an annual capacity of five million automobile batteries, 529.3 million components for automobile batteries, and 5,000 items for lithium batteries and components.
The second phase is set to complete equipment installation in December 2024 and begin official operation from January 2025. This will increase annual output to 6.5 million automobile batteries and 200,000 items for lithium batteries and components.
Binh Phuoc ranked 23rd in Vietnam in terms of attracting FDI with $14.9 million as of May 20 this year, up 2% year-on-year. The national FDI total was $11.07 billion, according to the Ministry of Planning and Investment.
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