Japan medical device maker Asahi starts works on $74 mln Vietnam plant

Asahi Intecc Hanoi, under Japanese medical device maker Asahi Intecc, on Thursday kicked off construction of a $74-million factory in the northern province of Vinh Phuc.

The factory, covering eight hectares at the Thang Long Vinh Phuc Industrial Park, is expected to install machines, recruit workers and enter trial operations in the last quarter of 2024.

The plant’s annual output will include 36 million meters of stainless steel cables (for industrial use), six million percutaneous transluminal coronary angioplasty (PTCA) sets, six million spring guidewire (SPGW) sets, 36 million meters of plastic tubes for syringes, 10 million monitoring and measuring devices and 10 million medical measurement machines.

Speaking at the groundbreaking ceremony, Asahi Intecc vice president Kenji Miyata appreciated Vinh Phuc authorities for facilitating the project’s progress.

Ha Dinh Nha, head of Vinh Phuc industrial zones authority, said the province would support the firm in solving any problem that arises in project implementation.

Vinh Phuc attracted foreign direct investment (FDI) of $260.4 million in the first ten months of this year, the 20th-highest among FDI recipients in Vietnam, according to the Ministry of Planning and Investment.

As of October 2023, it had 526 valid projects worth $7 billion, 17th highest nationwide in investment value.

The continued recovery of Vietnam’s industrial sector is reflected in the 5.5% increase from September to October in index of industrial production (IIP). The January-October IIP index was up 0.5% year-on-year.

Vinh Phuc’s January-October IIP, meanwhile, declined 2.07% year-on-year.