Singapore’s COT Group plans to lease 6.6 hectares in Thang Long II Industrial Park, the northern province of Hung Yen to manufacture optoelectronic, virtual reality and electronic equipment.
The electronic and optical technology company plans to implement the project in November, a company representative told Hung Yen authorities in a meeting on Wednesday.
The firm will further expand its activities to 20 hectares with an investment of $500-800 million in the next five-eight years, the representative said.
In reply, Hung Yen Vice Chairman Nguyen Hung Nam emphasized the province always facilitates business investments and requested relevant agencies to support the process.
Thang Long II Industrial Park has attracted 104 foreign direct investment (FDI) projects with total registered capital of $3.27 billion. Notable investors are mainly from Japan, such as Kyocera, Hoya, Nippon, Daikin, Toto, and Panasonic.
Vietnam’s index of industrial production (IIP) dropped 2% year-on-year from January-May due to global economic difficulties which have led to a decline in orders and narrowed production, the General Statistics Office (GSO) reported. Hung Yen IIP outperformed with growth of 6.39%, according to provincial data, driven by a 6.62% increase in the manufacturing-processing sector, 0.91% in electricity production and distribution, and 4.75% in water supply and wastewater treatment.