Japan firms eye $164 million investments in Quang Ninh province

Japan’s Tenma Corporation and Castem Co., Ltd. plan to invest $150 million and $14 million, respectively, in building factories in the Song Khoai Industrial Park, Quang Ninh province.

Tenma aims to construct an 18-hectare plastic molding plant, Tenma president Hirohiko Hirono told Quang Ninh acting Chairman Cao Tuong Huy on Monday.

Castem is planning to establish a two-hectare metal casting factory, director Hitoshi Kimura said to Huy on the same day.

The two Japanese companies plan to conduct the projects in Song Khoai Industrial Park, which is invested by Thailand’s Amata. Construction of the 714-hectare IP cost about $150 million. The first phase covering 129.03 hectares has already been completed, and the remaining five phases are scheduled for completion in 2026.

Huy said his province always facilitates foreign investors, with Japanese firms as a priority group. He also urged Song Khoai Industrial Park to work closely with provincial authorities to complete site clearance, facility construction, and administrative procedures to welcome investors.

Earlier, Japan’s Yaskawa Electric Corporation had disclosed its plans to invest $100 million in a 12-hectare factory in Song Khoai Industrial Park, CEO Nobuaki Jinnouchi said last Friday.

Quang Ninh, on the Vietnam-China border, is part of the Hanoi-Hai Phong-Quang Ninh development triangle, with Hai Phong being northern Vietnam’s largest logistics hub. Quang Ninh is emerging as a new destination for foreign direct investment in the north.

The province granted or amended investment certificates to 20 foreign direct investment (FDI) projects with a total registered capital of $2.19 billion last year, according to the Quang Ninh Economic Zone Authority. The largest one was a 1.5-gigawatt LNG-to-power plant, conducted by a joint venture between Tokyo Gas and Marubeni of Japan and two Vietnamese firms, PV Power and Colavi JSC.

Other notable investments included a $150-million vehicle component production project, Jinko Solar PV Vietnam’s additional capital of $257 million, and BBL Home New Materials Co., Ltd’s $35 million floor plate factory.

For 2023, the province plans to attract FDI of $1 billion, the authority said.