Nghe An okays two FDI projects worth $275 mln

Nghe An province has approved in principle two foreign-invested projects worth $275 million - one in electronics production and the other producing metal items for construction.

The Luxshare-ICT (Nghe An) 2 project, invested by Luxshare - ICT (Nghe An ) Limited, will make electronics parts at the VSIP Nghe An industrial park. The project has an investment of $150 million for the first phase and a designed capacity of 74 million products a year.

It is set to begin the construction in January 2023 and begin operations in March 2024, employing 14,000 people.

Luxshare ICT has already invested $140 million in an electronic parts factory in the VSIP Nghe An IP.

Chinese-backed Yongjin Metal Technology (Vietnam) Company Limited will invest $125 million in building a factory at the WHA Industrial Zone Nghe An industrial park. The 12.65-hectare factory with 300 employees is set to begin operation in three phases between the fourth quarter of 2023 and the third quarter of 2026.

Chairman of Nghe An Nguyen Duc Trung said at a conference in September that the central province was accelerating preparations to welcome more FDI, including the development of 2,000 hectares of industrial land and transport infrastructure including the Cua Lo deep-water port, upgrading and expanding the Vinh Airport as well as sections of the North-South Expressway.

The central province has attracted many major FDI projects recently. On October 20, Everwin Precision Hong Kong Co. Ltd. started construction of its $200 million electronic parts factory in Nghe An.

The 43.2-hectare plant is designed to make 270 million products per annum and the Hong Kong manufacturer - a supplier of components for Apple, Xiaomi, and Huawei - plans to export all of them. Its main products will include electronic components and parts, wires and cables, and plastic parts for cars.

On September 22, Taiwan-based Ju Teng International Holdings Limited broke ground for a $200 million electronic and automobile component factory in the province.

In the year to October 21, Nghe An had attracted VND21,802 billion ($877.35 million) in registered capital from 89 new FDI projects and VND13,160 billion of additional capital from 31 operational projects - VND 32,963 billion in total, up 38.98% year-on-year.