Northern Vietnam province okays 2 tech projects worth $83 mln from China

Vietnam’s northern province of Bac Giang has granted investment certificates to two projects worth $83 million in total, invested by Chinese businesses for the production of solar panel components and batteries.

According to the Bac Giang Industrial Zones Authority, HongKong Xinwei Electronic Co., Limited will invest $58 million in a project to manufacture lithium batteries for electronic items (computers, phones) and make motherboards, with an annual output of 590 tons and 120 tons, respectively.

The project will cover 8.9 hectares in Yen Lu Industrial Park.

The other project, worth $25 million, is conducted by China-invested Crown Advanced Material Vietnam. The annual output features 200 million plastics covering items for solar panels.

It will cover 5.4 hectares also in Yen Lu Industrial Park.

The two investors register to export all of their products.

In the year to mid-October, Bac Giang approved new foreign direct investment (FDI) projects with a total registered capital of $350 million and domestic direct investment (DDI) of VND6,670 billion ($262.39 million). The province also okayed capital hikes of $731.9 million for FDI projects, according to provincial data.

Bac Giang province is now home to nine industrial parks totaling 1,967 hectares. It expects to have 29 parks covering a combined 7,000 hectares by 2030. Established in 2022, Yen Lu is the latest industrial park in the province.

As of July 2024, China was the biggest foreign investor in Bac Giang with over $6 billion. Chinese businesses accounted for over 30% of the industrial production of FDI businesses in the province and 35% of the province’s trade turnover, according to provincial data.