Northern Vietnam industrial hub welcomes $700 mln Chinese investment
Bac Ninh province, a northern Vietnam industrial hub, has granted a $700 million investment certificate to Talway, a Chinese manufacturer of automotive battery equipment and cable products.
The firm received the documents at an investment promotion conference, hosted by Bac Ninh authorities in Shanghai, China last weekend.
The event was held during a week-long China visit made by Nguyen Anh Tuan, chief of Bac Ninh Party Committee.
An investment promotion conference organized by Bac Ninh province in Shanghai, China, May 13, 2024. Photo courtesy of Bac Ninh news portal.
Established in 2019, Talway Vietnam provides one-stop OEM (original equipment manufacturer), ODM (original design manufacturer) and OBM (original brand manufacturer) services. It holds several patents in appearance, technology, process and information technology innovations.
Besides the investment certificate for Talway, memoranda of understanding (MoU) and land lease agreements were signed at the conference between industrial parks in Bac Ninh and 10 Chinese businesses – Zhong Yi Feng, SLP, Micro Commercial Components, Cayi Technology, Hong Kong Jing Yutian International, AAC Technologies, Green Precision Component, Aohai Technology, Liando Investment, and Shenzhen Incham Industrial Operation.
Tuan affirmed at the conference that Bac Ninh was especially promoting investments in high-tech industry, smart production, semiconductors, biomedicine, 5G and 6G technology.
The province was willing to facilitate businesses with land, high-quality human resources and quick completion of administrative procedures, he said.
Cooperation with Goertek
During his visit, Tuan had a working session in Shandong province with Goertek, a major supplier to Samsung and Apple. He lauded Goertek for its investment in Bac Ninh province, which has so far reached $1.3 billion.
Nguyen Anh Tuan (fourth, right), chief of Bac Ninh Party Committee, at a working session with Goertek, Shandong province, China, May 16, 2024. Photo courtesy of Bac Ninh news portal.
Bac Ninh officials discussed with the Goertek delegation, led by chairman Jiang Bin, solutions to challenges the firm was facing in the province, including housing for workers and training to produce a high-quality workforce. They also discussed the possibility of launching direct flights between Qingdao city in Shandong province and Hanoi’s Noi Bai airport.
In October 2023, Jiang Bin had said that Goertek could triple or quadruple its investments in Bac Ninh province over the next five-10 years. Bac Ninh accounts for 20% of Goertek’s global investment, he’d said.
A draft environmental impact report released this March by the Ministry of Natural Resources and Environment says Goertek Electronics Vietnam Co., Ltd. will start operating a $280 million investment project in Bac Ninh soon.
The project, covering 17.6 hectares, will lease ready-built-factory facilities owned by Goertek Smart Technology Vina Co. Ltd. to start production at the province's Nam Son-Hap Linh Industrial Park.
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