Quang Ninh province approves 3 FDI projects worth $80 mln

Quang Ninh province in northern Vietnam granted investment certificates to three foreign-invested projects with total registered capital of $80 million on Wednesday, all in the manufacturing-processing industry.

Xiamen Sunrise Group Co.,Ltd., a top wheel manufacturing group from China, was given an investment certificate for its $55-million project to produce automobile rims using light metals. The smart project is located in Bac Tien Phong Industrial Park, Quang Yen town.

Vietnam Lioncore Industries Co.,Ltd., a manufacturer of vinyl tiles and planks, received an investment certificate to build its second factory in the province worth $15 million. The plant is in Dong Mai Industrial Park, Quang Yen town, next to its $30-million first factory.

The Singapore-invested firm received an investment certificate to build the first factory in 2021, with a capacity of 108,000 tons a year.

South Korea-backed Samsong Vina Co.,Ltd. was delivered an investment certificate for its $10-million project to manufacture automobile safety belts in Song Khoai Industrial Park, Quang Yen town. The firm has already invested $10.61 million in building a factory in the northern province of Hai Duong.

So far this year, Quang Ninh province has attracted FDI of $494 million into industrial parks and economic zones, fulfilling 40.9% of the 2023 target of over $1 billion.

In February, Quang Ninh province granted investment certificates to Autoliv Vietnam to build a VND3.773 trillion ($160 million) automobile safety component factory, and to QST International Corporation and Boltun Corporation to develop an automobile component factory worth VND4 trillion ($169.67 million) in Bac Tien Phong Industrial Park.

Japanese firms are also looking at investments in the northern coastal province. In January, Tenma Corporation and Castem Co., Ltd. announced plans to invest $150 million and $14 million, respectively, to build factories in Song Khoai Industrial Park, executives of the two said to Quang Ninh acting chairman Cao Tuong Huy. Yaskawa Electric Corporation plans to invest $100 million in a 12-hectare factory also in Song Khoai Industrial Park, CEO Nobuaki Jinnouchi told Cao Tuong Huy at a meeting in January.

Earlier this month, the China-based Jinko Solar Co., Ltd., one of the largest and most innovative solar module manufacturers in the world, made a proposal to install rooftop solar power across Song Khoai Industrial Park.