Gouguang Electric (Vietnam) Company Limited plans to conduct a $60-million expansion in Quang Nam, the firm proposed at a Wednesday meeting with the central province's authorities.
The Chinese-invested company, a manufacturer of components for loudspeakers and headsets, has operated a $10-million factory in the 418-hectare Dien Nam-Dien Ngoc Industrial Park since 2020.
The corporation, under Chinese giant Guoguang Electric Co., Ltd. (GGEC), highlighted the expansion project, covering 6 to 8 hectares in the same industrial park, would attract many supporting industry businesses to invest in the local supply chain.
GGEC, a supplier for top global brands like Harman/kardon, JBL, Bose and Sony, recorded an annual revenue of about $679 million in fiscal year 2021.
Lauding the project, Quang Nam's Vice Chairman Ho Quang Buu said the province welcomes investments in the electronics sector. He noted Quang Nam's strengths of abundant land banks and developed traffic infrastructure, especially its seaport system, set to become operational in the next two years.
In the first quarter of this year, Quang Nam recorded no new FDI projects, according to local data. The province has licensed 194 valid FDI projects to date with total registered capital of over $6 billion.
The province's index of industrial production (IIP) dropped 30% year-on-year in the first three months of this year, driven by a fall of 34.3% in the manufacturing and processing industry. Some underperforming sectors were food processing with negative 15%, weaving with negative 33%, vehicle production with negative 51%, and wood processing and wooden products with negative 52%.