Japanese sensor maker plans $35 mln investment in Quang Ninh province
Japanese sensor manufacturer Tamagawa Seiki Co., Ltd plans to build a $35-million factory in Vietnam’s northern coastal province of Quang Ninh, its chairman and CEO Yasuo Hagimoto said.
Quang Ninh province's acting Chairman Cao Tuong Huy (right, sixth) and Tamagawa Seiki CEO Yasuo Hagimoto (left, seventh) at a meeting in the northern province on June 13, 2023. Photo courtesy of Quang Ninh newspaper.
The executive made the statement at a Tuesday meeting with Quang Ninh's acting Chairman Cao Tuong Huy, urging the province to support its administrative procedures.
Tamagawa Seiki, a developer and manufacturer of two-dimensional and three-dimensional (spatial) position/angle sensors, aims to build the plant in the Song Khoai Industrial Park.
In reply, Huy asked relevant agencies to support the business by issuing an investment certificate in June, land delivery in July, completion of environmental impact assessments in September, and launch of construction in October, or two months earlier than the investor’s proposal.
The project also marks the 50th anniversary of Vietnam-Japan ties and the 60th anniversary of Quang Ninh province, he added.
Song Khoai Industrial Park is invested by Thailand’s biggest industrial developer Amata. The facility is looking to attract $1 billion in 12 projects this year, raising the total investments in the park to $2.6 billion. At present, five projects worth $1.1 billion, including $865 million invested by China’s Jinko Solar, and $154 million by Swedish automotive safety firm Autoliv, are being implemented in the 714-hectare IP.
The business environment in Quang Ninh is among the best in Vietnam. The province topped the annual Provincial Competitiveness Index (PCI) in 2022 for the sixth consecutive year with a score of 72.95 out of 100. The PCI 2022, released by the VCCI and USAID earlier this month, is the 18th edition of the ranking based on the business environment and improvements to administrative procedures in the country.
Registered foreign direct investment (FDI) capital in Vietnam declined 7.3% year-on-year to nearly $10.86 billion in the first five months of the year, while disbursed capital dropped 0.8% to $7.56 billion, the Foreign Investment Agency (FIA) said. Buckling the trend, Quang Ninh province’s registered FDI figure went up 14.8% to $422.11 million.
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