Japan’s Meiko kick-starts $500 mln project in northern Vietnam
Japan-headquartered Meiko Electronics broke ground on a factory last weekend to produce printed circuit boards (PCB) in the northern province of Hoa Binh, its fifth plant in Vietnam.
Executive vice chairman of Meiko Electronics Co., Ltd. Atsushi Sakate (third, left) and Prime Minister Pham Minh Chinh (fourth, left) attend the the groundbreaking ceremony of the Meiko Electronics plant in Hoa Binh province, northern Vietnam, April 13, 2024. Photo courtesy of the government's news portal.
The Japanese company will invest VND4.66 trillion ($186.4 million) in the factory which covers 9.2 hectares in Bo Trai Song Da Industrial Park.
The total investment will be raised to $500 million when work on a second factory starts.
The factories will produce electronic circuits for peripheral devices, computers, electronic home appliances, audio-visual equipment, solar cells, microprocessor chips, and controllers.
Meiko plans to start a trial run in Q2 this year and employ up to 3,000 people by 2030. Operating at full capacity in 2030, the project is expected to pay some VND200 billion ($8 million) annually to the province.
Addressing the groundbreaking ceremony with the attendance of Prime Minister Pham Minh Chinh, Atsushi Sakate, executive vice chairman of Meiko Electronics Co., Ltd., said the firm made the decision to build the facility in Hoa Binh after PM Chinh pledged to ensure sufficient energy and green transition for foreign companies during his Japan visit in December.
Speaking at the event, Chinh thanked Meiko for its investments in Vietnam, which have amounted to over $1 billion over the past two decades. He also asked Hoa Binh authorities to facilitate more high-tech investments.
Established in 1975, Meiko Electronics Co., Ltd. now has five PCB plants in Japan, two in China, and branches worldwide. Its clients include Apple, Samsung, Panasonic, and Fuji Xerox.
It officially entered Vietnam in 2006 with a $300 million factory on the outskirts of Hanoi.
The firm launched operation of an electronics manufacturing services factory in Vietnam in April 2009. Its Vietnam PCB plant started operations in November 2011, and the third plant started up in July 2019.
In July 2014, it established Meiko Electronics Thang Long Co., Ltd on the premises of Panasonic Vietnam Co., Ltd.
- Related News
- Read More
Thailand SCG to invest $700 mln more in $5 bln petrochemicals complex in Vietnam
Thailand’s Siam Cement Group (SCG) will invest an extra $700 million in the $5.2 billion Long Son Petrochemicals Complex (LSP) in Vietnam’s southern province of Ba Ria-Vung Tau to diversify its production.
Industries - Fri, November 1, 2024 | 10:20 am GMT+7
Vietnam manufacturing activity rebounds, recovering from typhoon Yagi
The Vietnamese manufacturing sector in October started to recover from the effects of September's super typhoon, recording renewed increases in both output and new orders.
Economy - Fri, November 1, 2024 | 8:34 am GMT+7
Vietnam private lender VietBank logs 96% profit growth in 9 months
Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank) posted a 96% year-on-year surge in pre-tax profit in the first nine months of 2024 to reach VND820.4 billion ($32.46 million), or 78% of the year's target.
Banking - Fri, November 1, 2024 | 7:45 am GMT+7
Maersk opens its first bonded warehouse in Vietnam
Denmark's integrated transport and logistics giant A.P. Moller - Maersk (Maersk) on Thursday opened its first bonded warehouse in Vietnam at SLP Park, Nam Dinh Vu Industrial Park in Hai Phong city.
Industries - Thu, October 31, 2024 | 11:44 pm GMT+7
ABBank incurs $14 mln loss in Q3
Hanoi-headquartered An Binh Commercial Joint Stock Bank reported a pre-tax loss of VND343.5 billion ($13.59 million) in the third quarter of this year, while some other private Vietnamese banks posted strong profits.
Banking - Thu, October 31, 2024 | 9:29 pm GMT+7
Vietnam’s emergence as regional manufacturing hub a significant logistics opportunity: SuperPort exec
Southeast Asia’s rise as a vital logistics hub with Vietnam positioned as a key manufacturing center presents a significant business opportunity, says Yap Kwong Weng, CEO of Vietnam SuperPort.
Companies - Thu, October 31, 2024 | 9:01 pm GMT+7
Indonesia steps up support for textile industry
Indonesia’s President Prabowo Subianto held a close-door meeting with several ministers on Tuesday to discuss the current situation of Indonesia's textile industry, particularly focusing on textile giant Sri Rejeki Isman (Sritex).
Southeast Asia - Thu, October 31, 2024 | 6:01 pm GMT+7
Thailand speeds up plans to construct six new airports
Thailand’s Transport Ministry is accelerating development and construction projects on six airports with an aim to become the region's transportation hub.
Southeast Asia - Thu, October 31, 2024 | 6:00 pm GMT+7
Thailand develops eco-friendly seaport model
Thailand is striving to implement environmental protection and social sustainability solutions in developing the country’s major infrastructure projects, such as the development of Phase 3 of Laem Chabang Port, Thailand's only deep-sea port.
Southeast Asia - Thu, October 31, 2024 | 5:58 pm GMT+7
Indonesia intensifies oil palm cultivation to meet biodiesel demand
Indonesia is expanding its oil palm cultivation to increase crude palm oil (CPO) production as a raw material for 50% biodiesel (B50), according to the country’s Ministry of Agriculture.
Southeast Asia - Thu, October 31, 2024 | 5:56 pm GMT+7
Malaysia’s first domestic EV model opens for booking
The Malaysian multinational automotive company Proton's first electric vehicle (EV), the e.MAS 7, is now open for booking.
Southeast Asia - Thu, October 31, 2024 | 5:54 pm GMT+7
Thailand aims to become emerging leader in AI
Thailand is positioning itself as an emerging leader in artificial intelligence (AI) regulation and development, thanks to policies that support an approach that balances technological innovation with ethical considerations and workforce protection.
Southeast Asia - Thu, October 31, 2024 | 5:53 pm GMT+7
Vietnam PM calls for more investment from Qatar’s $475 bln sovereign wealth fund
Vietnamese Prime Minister Pham Minh Chinh has called on the Qatar Investment Authority (QIA), Qatar's sovereign wealth fund with total assets amounting to $475 billion as of 2023, to ramp up its investment in Vietnam.
Industries - Thu, October 31, 2024 | 4:43 pm GMT+7
FPT Retail earns $6.5 mln in Q3 profit, to expand FPT Shop chain
Vietnamese retail major FPT Retail made a profit after tax of VND165 billion ($6.52 million) in the third quarter of this year, while it incurred a loss of VND13 billion ($514,000) in the same period last year.
Companies - Thu, October 31, 2024 | 3:56 pm GMT+7
Germany’s PNE opens rep office for $4.6 bln offshore wind project in central Vietnam
Germany’s PNE AG, a leading developer of renewable energy projects, has shown its determination to proceed with a mega offshore wind power project in central Vietnam by opening a representative office there.
Energy - Thu, October 31, 2024 | 2:43 pm GMT+7
Saudi Arabian energy giant ACWA Power ready to invest $5 bln in Vietnam
Saudi Arabian private energy giant ACWA Power stands ready to invest up to $5 billion in Vietnam, a senior executive said Wednesday.
Industries - Thu, October 31, 2024 | 2:39 pm GMT+7
