Taiwanese electronics maker Coretronic is set to commission its new plant in Vietnam by the end of 2023, according to the industrial park home to the facility.
The under-construction production site covers 20 hectares in Ba Ria-Vung Tau province’s Phu My 3 Specialized Industrial Park, about one hour’s drive from Ho Chi Minh City, Vietnam’s largest economic hub.
Phu My Industrial and Seaport Urban Area, which includes Phu My 3, boasts vital elements in support of heavy industries like the international Cai Mep-Thi Vai deep-water port system, stable power supply, and convenient transportation access.
Coretronic received an investment license for the manufacturing plant from the provincial administration in December 2021, and broke ground this May. The project, which would cost an estimated $48.25 million to complete, will increase the firm’s supplies sourced from Vietnam.
The Taiwanese firm, a major displays maker worldwide, set up Coretronic Vietnam Company Limited in 2020 with a registered capital of $3 million and a plant in HCMC’s Saigon High-tech Park.
Coretronic, listed on the Taipei Exchange as 5371, announced its financial results for the third quarter of 2022 on November 1. It posted consolidated sales revenue of NT$12,903 million ($403 million), up 3% from the second quarter and down 1% from the same period last year.