Northern Vietnam province attracts $124 mln investment from Taiwan firm
Taiwan-based Nien Made Enterprise Co., Ltd. will invest $124.1 million to make furniture accessories at Phu Ha Industrial Park in the northern province of Phu Tho.
In a Thursday statement, the Phu Tho industrial zone authority said it had granted an investment registration certificate to the Taiwanese firm earlier this week.
Nien Made Enterprise, known for its “smart furniture” brands Norman and Veneta, will produce solid wood shutters, soft curtain shades and blinds.
Nguyen Ngoc Hanh (right), head of the Phu Tho industrial zone authority, grants an investment certificate to Albert Lee, representative of Taiwan-based Nien Made Enterprise Co, in the northern Vietnam province, November 11, 2024. Photo courtesy of the industrial zone authority.
The project, named Norman Vietnam, will employ 4,000 people and has the potential to pay corporate income tax of $1.59 million every year.
Nien Made Enterprise sells its products in over 2,000 Home Depots and 5,000 Walmart stores in the U.S., Canada, Japan, Australia and the UK.
Phu Ha Industrial Park, invested by local firm Viglacera, is home to over 30 foreign direct investment (FDI) projects with a total capital of $1 billion. The industrial park boasts the advantages of an abundant and affordable workforce and proximity to Hanoi, including the Noi Bai airport.
Registered foreign direct investment (FDI) in Vietnam totaled $27.26 billion in the first 10 months of this year, up 1.9% year-on-year, according to the Ministry of Planning and Investment. Phu Tho ranked 27th with $113.6 million.
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