Vietnam’s northern province of Quang Ninh granted investment certificates to two foreign-invested projects with total registered capital of $330 million on Wednesday.
China-based Gokin Solar will invest $275 million in Texhong Hai Ha Industrial Park to manufacture monocrystalline silicon wafers and monocrystalline silicon photovoltaic bars. The project is set to enter operation in October 2025, with an annual output of 1.4 billion products.
Japan-invested IKO Thompson Vietnam will invest $57 million in Song Khoai Industrial Park, also known as Amata City Ha Long, invested by Thailand’s leading industrial developer Amata. The project will produce 930 tons of bearings and linear motion equipment per year, starting January 2026 when the project’s first phase is operational.
Earlier this month, Quang Ninh province granted investment certificates to two China-invested projects. Xiamen Solex High-Tech Industries will invest in a $80 million plant to produce 10,000 tons of bathroom products per year. The investment will cover 6.78 hectares in Bac Tien Phong Industrial Park.
The other project, covering 5.92 hectares of Texhong Hai Ha Industrial Park with an investment of $41 million, will manufacture 192 million pairs of labor protection gloves a year, or 6,080 tons.
With the latest investments, both in the manufacturing-processing sector, Quang Ninh has attracted eight FDI projects with total registered capital of $478 million so far this year.
In the first quarter of 2024, Quang Ninh expects to welcome FDI of $1 billion towards the target of $3 billion this year, close to the sum of $3.1 billion in 2023.
So far, the northern coastal province has attracted FDI of nearly $14 billion from over 200 businesses, focusing on high-tech and eco-friendly projects.