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 on Tuesday.
The 4.6-hectare plant in Lai Vu Industrial Park has the capacity of 300,000 products a year, including electronic components, electric lift tables, computer stands, among others.
The plant is expected to enter operation in September 2023, employing 500 people.
Lai Vu Industrial Park has so far lured in 17 investments with registered capital of VND15.3 trillion ($652.5 million) and its occupation rate is 90%.
Hai Duong attracted foreign direct investment (FDI) of $363.5 million in 2022, up 13.8% year-on-year, according to provincial data. One of the highlights was an additional investment of $50 million by Hyundai Kefico Vietnam Company Limited, raising the total investment in its electronics factory to $400 million and annual capacity to 160 million products.
Hai Duong's index of industrial production (IIP) went up 11.3% in 2022, of which the electronics sector, which accounted for 14.6% of the provincial IIP, went up 18.3%.
The province attributed the growth to the rebound of the global demand thanks to economic recovery and Covid-19 precautions in mainland China, Taiwan, South Korea, and Japan forcing orders to shift to Vietnam.
Vietnam attracted a wave of foreign investments in electronics in 2022.
Goertek, a key supplier of Apple, added $400 million to its manufacturing facility in the central province of Nghe An in January 2022. The Chinese firm also invested an additional $306 million in its electronics factory in the northern province of Bac Ninh in March.
Everwin Precision Hong Kong Co. Ltd. started the construction of a $200 million electronic parts factory in Nghe An in October.
Compal Electronics, a supplier to Apple, Amazon, and Dell, signed a deal to lease 40 hectares of land in Thai Binh province for its new $260 million investment in Vietnam in December 2022.
Solum Electronics Vietnam received an amended investment certificate from the northern province of Vinh Phuc in November to expand its investment from $110 million to $155 million.