Singapore’s Casetek to invest additional $300 mln in central Vietnam project
Luxcase Precision Technology (Vietnam) Co., Ltd, a subsidiary of Casetek Singapore Pte. Ltd., will invest $299 million more in Vietnam’s central province of Nghe An, raising its total investment there to $473 million.
Luxcase received its first investment registration certificate for the project in January with $24 million, then increased the investment to $174 million in July.
According to a recent report of the firm, the additional capital aims to enlarge the production to 23 million items a year, equivalent to 5,860 tons. They include precision mechanical components for notebooks (laptops), tablets, smart devices (such as smart watches), among others.
A factory in VSIP Nghe An Industrial Park, Nghe An province, central Vietnam. Photo courtesy of Nghe An newspaper.
The firm plans to install equipment for the factory, covering 11 hectares in VSIP Nghe An Industrial Park, in November 2024-January 2025, conduct trial operation in January-April 2025, and start official operation in April 2025. The project is set to employ 4,000 people.
Casetek Singapore Pte. Ltd. was a subsidiary of Pegatron until 2021, when the firm was acquired by Luxcase Precision Technology (Yancheng) Co., Ltd., under Luxshare-ICT. Taiwan-based Pegatron and mainland China-based Luxshare-ICT are Apple suppliers.
Luxshare-ICT currently employs 11,600 people in Nghe An province and is set to increase the workforce to 60,000-80,000 soon. The company started investing in Nghe An in June 2019 and has made seven investments there, totaling $898 million.
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