IKO Thompson Vietnam, under Japanese machine parts manufacturer IKO Thompson, has signed a land use agreement with Song Khoai Industrial Park, also known as Amata City Ha Long, in Vietnam’s northern province of Quang Ninh.
The agreement is the next stage of the project after Quang Ninh authorities granted an investment certificate to the investor last month.
Per the agreement signed on Monday, IKO Thompson Vietnam will lease three hectares of land in the industrial park to build a factory for manufacturing bearings and linear motion equipment.
The firm is set to kick off construction in mid-2025 and enter operation in January 2026. The $57-million project will have an annual capacity of 930 tons of items.
Prior to this project, Song Khoai Industrial Park, invested by Thailand’s leading industrial developer Amata, had attracted 15 foreign direct investment projects with total registered capital of $2.4 billion. This year, seven projects are set to enter operation, notably those of Foxconn and Autoliv.