Good Way Technology Vietnam Company Limited, a subsidiary of Taiwanese firm Good Way Technology, began building a $45 million factory in the northern province of Thai Binh Monday.
Construction of the project’s first phase is scheduled for completion in Q3/2024, enter trial production the next quarter and start official production in Q1/2025. Corresponding times for the second phase will be Q4/2026, Q1/2027 and Q2/2027.
The factory, located in the Lien Ha Thai Industrial Park, will manufacture peripheral devices like USB connectors for computers. It will have an annual capacity of 3.7 million items.
Speaking at ground breaking ceremony, Thai Binh Vice Chairman Nguyen Quang Hung called on the investor and relevant agencies to cooperate towards meeting the project’s deadlines and ensure safety and hygiene during construction. Thai Binh will facilitate the investor’s work by improving the local business environment and processing administrative procedures faster, he said.
The firm received an investment certificate for the project in October 2023.
In January, Thai Binh’s index of industrial production fell 8.18% from a month earlier, but increased 38.31% year-on-year, according to provincial data. The year-on-year growth was driven by an 85.23% increase in the manufacturing-processing sector, 13.3% in electricity production-distribution, 0.75% in water supply and sewage and wastewater treatment. Meanwhile, the mining sector saw a 3.42% decrease.