Luxshare-ICT (Nghe An) Limited, a subsidiary of major Chinese electronics producer Luxshare-ICT, is set to invest $140 million more in Vietnam’s central province of Nghe An.
According to the Ministry of Natural Resources and Environment’s draft environmental impact report, the project will cover 15.25 hectares in VSIP Nghe An Industrial Park. The $140-million expansion is set to take six months and create 48,000 jobs.
The project’s annual capacity includes 150 million cable, connection, and computer peripheral devices; 271.64 million electronics items; 30.05 million smartwatches; 15 million touch pens; 97.91 million home electronics appliances; 54.8 million communication equipment items; and 220 million blood glucose meters.
After the enlargement, the Luxshare-ICT (Nghe An) project will increase its annual output to 887.79 million products from 187.03 million currently. Power consumption is anticipated to reach 100,000 kWh per month.
Prior to the latest move, Luxshare-CT had invested $290 million in two projects, both in VSIP Nghe An. The latest investment of $150 million, named Luxshare-ICT (Nghe An) 2, is set to enter operation in March 2024 after construction kicked off in January 2023.
In Vietnam, besides Nghe An, Luxshare-ICT has been investing in the northern province of Bac Giang. In November 2023, its subsidiary Luxshare-ICT (Vietnam) Limited received approval to raise registered capital in its Bac Giang project by $330 million, increasing the total investment there to $504 million.