Northern Vietnam's Hung Yen province has granted investment certificates to 14 direct investment projects of Japanese firms with a total registered capital of $532 million.
The certificates were handed over at a business meeting held Wednesday as part of commemorating 50 years of Vietnam-Japan partnership (1973-2023).
The biggest of the 14 projects is a $132-million investment by Nitto Vietnam Co. Ltd., an optical film company. The project will have an annual output is 176 tons, or 48 million items, providing parts for automobiles and smartphones.
Cot Vietnam Co. Ltd. will invest $45 million in building a factory for smartphone and computer components with an annual output of 144.6 million items, equivalent to 315 tons.
Parker Processing Vietnam Co. Ltd. will invest $23 million in a second factory specializing in surface treatment and heat treatment with an annual target of 26,000 tons of products.
Other certificate receivers included: DH Logistics Property Minh Quang Vietnam Co., Ltd. ($26.3 million); Makino Vietnam Co. Ltd. ($17.5 million); Intech Complex ($31 million); Musashi Auto Parts Vietnam Co. Ltd. ($51 million); Sumiden Vietnam Automotive Wire Co. Ltd. ($27 million); Panasonic Appliances Vietnam Co., Ltd. ($18 million); Sews-Components Vietnam Co., Ltd. ($65 million); Kansai-Alphanam Co. Ltd. ($25 million); Denyo Vietnam Co., Ltd. ($27 million); and Thien Ha Kameda JSC ($15 million).
At the event, Japan-invested Thang Long II Industrial Park and instant noodle maker Acecook Vietnam signed a memorandum of understanding for the latter’s investment of $100 million in a 10 hectare project.
Japan is the biggest investor in Hung Yen with 173 projects (excluding the above-mentioned 14) and a registered capital of over $4 billion, or 61% of the province’s FDI.
So far, 169 out of 173 projects with the registered capital of $3.2 billion have begun operations, employing 45,000 people and contributing VND1.4 trillion ($57.4 million) to the state budget in 2022 and VND880 billion ($36.1 million) in the first half of 2023.
Hung Yen hosts seven industrial parks covering 1,600 hectares at present. The province targets having 17 and 21 industrial parks by 2024 and 2030, respectively.