Singapore firm to invest $100 mln in polymer packaging plant in northern Vietnam
Singaporean polymer food packaging firm Sunrise Material will invest $100 million to build a factory in Nam Dinh province near Hanoi.
The Singaporean firm and Nam Dinh-based Dai Phong JSC, a local construction firm, signed an agreement for the project on Friday. Sunrise Material will lease 6.01 hectares of land in the My Thuan Industrial Park invested by Dai Phong JSC to build the factory.
Executives of Singapore's Sunrise Material and Vietnam's Dai Phong JSC sign an agreement in Nam Dinh province, northern Vietnam, August 11, 2023. Photo courtesy of the companies.
Construction of the project is set to begin in 2024, featuring sites for main production, post-production processing, product testing, warehouses, offices, and residential areas.
The construction is set to take five years, with the first phase completed in 15 months. Upon full completion, the project will employ up to 600 people and reach an export revenue of $500 million and import expenditure of $200 million a year.
Speaking at the signing ceremony, Sunrise Material CEO Song Jian Xin said the firm surveyed Russia, Malaysia, Thailand, Myanmar, the Philippines, Indonesia, and Vietnam to find a suitable location. Nam Dinh was their first choice thanks to the strong support of provincial authorities and local businesses.
Construction of the 158-hectare My Thuan Industrial Park was initiated in November 2021, with an investment of VND1.62 trillion ($68.2 million). The facility holds a strategic location next to national highways 21 and 21B, and 80 kilometers from Hanoi and 100 kilometers from the northern port city of Hai Phong.
My Thuan Industrial Park is also a popular choice among foreign investors. A major investor is Quanta Computer, a supplier for Apple. In May, Nam Dinh granted an investment certificate for Quanta to build a $120 million factory, the giant's first in Vietnam and its ninth worldwide. The plant is set to manufacture 1.3 million laptop and desktop computers in 2024, 2.6 million in 2025, 3.6 million in 2026, four million in 2027, and 4.5 million in 2028.
Another is Taiwan-based JiaWei. In June, JiaWei said it would invest $100 million in three projects in Nam Dinh. JiaWei’s projects include a $80 million factory for manufacturing high-tech houseware covering 8.5 hectares; a $10 million printing facility on an area of 2.5 hectares; and a $10 million plant for producing carton boxes covering 3.3 hectares.
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