Hai Duong province has given in-principle approval to Chinese photocatalytic firm Perfect Light’s VND1,250 billion ($51.5 million) investment proposal.
Provincial authorities gave the nod to a report of the local industrial park authority submitted Tuesday.
According to the report, the Chinese firm plans to build a wafer technology factory, covering nine hectares in Cong Hoa Industrial Park, for manufacturing components for cars and vehicles with engines. The plant is set to employ 700 people once operational in the first quarter of 2025.
Hai Duong’s index of industrial production grew 10% year-on-year in November and 7.9% in January-November, according to provincial data. The growth was driven by a 21.1% increase in the manufacturing of vehicles.
In the first 11 months of this year, Hai Duong attracted $1.02 billion of foreign direct investment, tripling year-on-year, according to the Ministry of Planning and Investment. The province’s figure was the 11th-highest in the country.
In November, Hai Duong approved two major projects of Chinese investors, worth a combined $390 million. Deli, a major Chinese stationery business, received approval to invest $270 million to expand production on 21.2 hectares in Dai An Industrial Park.
The project’s annual output will include 104 million office supplies items made with paper and plastics; 22.5 million plastic home appliances; 33 million glue items; and 2.4 million personal computers, photocopiers, shredders, bar code scanners, electrical sockets, office accessories and educational items.
Boviet Solar Technology Co., Ltd., backed by China’s new material-energy firm Boway, received approval for a $120 million, 20-hectare project in Cong Hoa Industrial Park. Employing around 1,000 people, the project will manufacture solar cells and solar energy conversion modules totaling 3 GW a year, all for export.