Sumida Electronic Quang Ngai Co., Ltd., a subsidiary of Japan's Sumida Corporation, opened its expanded factory in Quang Ngai last Friday, raising its total investment in the central province to $38.5 million.
The first phase of the factory entered operation in December 2015 after construction began in April the same year. The factory has now tripled in size to 34,000 square meters, and annual output of inductive components and modules has been raised from 132 million to 300 million items.
Following the expansion, the business now employs 1,100 people, including 90% from Quang Ngai.
The plant in Tinh Phong Industrial Park within Dung Quat Economic Zone is set to produce transformers, inductors, reactors, and components for sectors involved in consumer electronics, automobiles, industrial equipment, and healthcare, among others. The firm is looking to to export its products to major markets including the U.S., Japan, and Europe.
Japan's Sumida Corporation earned a post-tax profit of 5.17 billion yen ($38.59 million) on a revenue of 138.6 billion yen ($1.03 billion) in 2022, up 91.7% and 32.1% year-on-year, respectively, according to the global unit’s latest consolidated financial statement.
Electronic firms' investments in Vietnam are a growing trend. In January, the northern province of Bac Giang handed an investment certificate to Foxconn subsidiary Ingrasys (Singapore) Pte. Ltd. to establish a new plant covering 50 hectates in Quang Chau Industrial Park. The $62.5 million land leasing deal will run until February 2057. At the industrial park, Foxconn has already leased 70 hectares for its facilities and spent a total of $773 million.
California-based Pulsar Products, Inc. received an investment certificate to build a VND400 billion ($17.06 million) electronics factory in the northern province of Hai Duong in January. The 4.6-hectare plant in Lai Vu Industrial Park will have a capacity of 300,000 products a year, including electronic components, electric lift tables, computer stands, among others.
Apple supplier Goertek Inc. signed a deal last month to lease 62.7 hectares in the 306-hectare Nam Son-Hap Linh Industrial Park in Bac Ninh province, operated by Kinh Bac City Development Holding Corp.