Samsung partner QTech plans $430 mln investment in central Vietnam
QTech, a camera maker based in Hong Kong plans to invest $430 million in Nghe An province, a delegation from the firm told local authorities at a Monday meeting.
The project is set to cover 10-15 hectares, with a monthly output of eight million optoelectronics products, according to the firm, also the third-biggest camera maker in China regarding revenue and a partner of Samsung and Oppo.
The firm urged the authorities to provide support related to tax policies, administrative procedures, and workforce recruitment.
Qtech CEO Andrew Wang (blue suit) at a meeting with Nghe An authorities in the central province on December 4, 2023. Photo courtesy of Nghe An newspaper.
Welcoming the project, Nghe An Vice Chairman Bui Thanh An highlighted the province’s advantages for foreign direct investment projects, including the prime location, the abundant workforce, the heavy investments in the province’s traffic and service infrastructure, and the authorities’ support for firms.
Currently, nearly 1,000 hectares have already been allocated to industrial real estate developers WHA, VSIP, and Hoang Thinh Dat, An emphasized.
QTech investment would further strengthen the central province’s network of electronics businesses, which already boasts notable names including Luxshare - ICT, Goertek, Everwin, Ju Teng, Foxconn, Sunny, Runergy and Shandong. Nghe An province would provide the best facilitation for the project, An added.
The official also requested the Dong Nam (Southeast) Economic Zone Authority to cooperate with the investor on the project's deployment.
So far, the central province has attracted $4 billion in 132 FDI projects, said An. Taiwan, Hong Kong and mainland China are the biggest investors with 53 projects worth over $2.7 billion, he added.
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