Quang Tri authorities have approved a 19,721-square-meter land lease to South Korea-backed Sangshin Central Vietnam to develop an electronic parts manufacturing facility in the central province, the firm's second project in the country.
The $3.5 million project, located in Trieu Phong district's Dong Ai Tu Industrial Cluster, will manufacture noise filters, inductors, and molded plastic components.
The first phase of the project is slated to commence operations in January 2023, while the second phase will be put into operation two years later. Once complete, the project will have an annual output of 4.8 million noise filters, 27 million inductors, and 82 million molded plastic components for both phases.
Sangshin Central Vietnam Co., Ltd. is a wholly-owned subsidiary of Sangshin Electronics Group with charter capital of VND46 billion ($2 million).
In 2017, the Korean-backed company debuted its first project in Hai Duong province's Dai An Industrial Park - a $3.5 million electronic parts manufacturing facility.
Quang Tri, a manufacturing hub in central Vietnam, is home to two economic zones, five industrial parks and 17 industrial clusters.