Northern Vietnam industrial hub Bac Ninh greenlights projects worth $5.58 bln

Bac Ninh province, an industrial hub in northern Vietnam, granted in-principle approvals or investment registration certificates to projects worth $5.58 billion on Sunday.

These events took place on the sidelines of a conference held to announce the provincial master plan and promote investment in the northern province that neighbors Hanoi.

Among those receiving in-principle approvals was the Hong Hac-Xuan Lam ecological urban area in Thuan Thanh district, in which VietinBank Trade Union Investment JSC will invest nearly $1.07 billion.

This marked an increase of over $998 million from previous registration for this project, but the massive increase in investment was not explained.

Local authorities granted investment registration certificates for eight new projects with a total investment of more than $1.12 billion. Among these, the largest was a $383.3 million electronic components factory by Taiwanese electronic giant Foxconn located at the Nam Son-Hop Linh Industrial Park.

Other significant projects included China’s Goertek Technology Vina Company Limited’s $280 million plant manufacturing electronic products, network devices and multimedia products; Victory Giant Technology (Singapore) Pte. Ltd's $260 million high-precision printed circuit board (PCB) project at the VSIP Industrial Park; and Logos Yen Phong IIA’s $74 million warehousing and logistics project at the Yen Phong II Industrial Park.

Bac Ninh also granted certificates for capital additions worth $1.3 billion, mainly to South Korea-based Amkor Technology Vietnam's semiconductor testing, assembly and manufacturing facility for $1.07 billion. The additional capital makes it the largest semiconductor investment project in Vietnam.

Other capital additions included Goertek’s electronics project ($130 million) and ITM Semiconductor Vietnam's project ($58 million).

Bac Ninh also signed cooperation agreements with South Korea’s Samsung Display and Japan’s Aeon Mall Vietnam, for investment commitments of $1.8 billion and $190 million, respectively.

Two in-principle land lease agreements worth $110 million were signed by real estate developer Viglacera with Taiwan’s Johnson Health and U.S.-based ETS.