Taiwanese electronics firm Lotes, a supplier to Intel, Samsung and Sony, will invest an additional $25 million in its factory in Thai Binh province, raising its total investment to $145 million.
Thai Binh authorities gave an in-principle nod to the investment expansion at a Wednesday meeting.
Construction of Lotes’s $120 million factory at the Green i-Park Industrial Park began in February 2022 and was completed a year later. The 15-hectare factory has an annual capacity of 197.2 million computer RAM sockets, equivalent to 1,380.5 tons; 30 million computer cables, or 2,100 tons; and 1.08 million other components for industrial machinery, or 810 tons.
The $60 million first phase, starting official operation in June 2023, is set to reach its full capacity in 2025, featuring 79 million computer RAM sockets, 12 million computer cables, and 432,000 other components a year.
The second phase is set to start in June 2025 and be completed in 2028, Green i-Park said.
Thai Binh attracted foreign direct investment (FDI) of $615.1 million in the first 11 months of this year, up 289.6% year-on-year, according to the Ministry of Planning and Investment. This made the northern province the 15th biggest recipient of FDI in the country in the period.