Pegavision, a Taiwan-based maker of soft contact lenses and ophthalmic devices, kicked off the construction of a $200 million factory in Vietnam’s northern province of Thai Binh on Tuesday.
Covering 10 hectares in Lien Ha Thai Industrial Park, the facility is set to employ 1,140 people. The project, with an annual capacity of 600 million contact lenses and medical items, is scheduled to complete first phase of construction and begin equipment installation in the fourth quarter of 2024, and initiate second phase construction in Q4/2027.
The project is expected to enter operation in 2028 with a yearly revenue of VND2,808 billion ($113.61 million) and contributing VND80 billion ($3.24 million) to the state budget.
In July 2023, Pegavision and Green i-Park Corporation, the developer of Lien Ha Thai Industrial Park, signed an in-principle sublease agreement on land and infrastructure. Pegavision was the 12th tenant at the facility. Since its inauguration in 2023, the industrial park has attracted foreign direct investment of over $1.2 billion.
Thai Binh authorities granted an investment certificate to Pegavision’s $200 million project in October 2023.
In January-February, Thai Binh’s index of industrial production rose 8.7% year-on-year, despite a drop of 12% in February with the Lunar New Year (Tet) holiday running for 10 days during the month, according to provincial data.