Singapore’s Sunrise Material to invest $100 mln in Nam Dinh province
Sunrise Material, a Singapore-based polymer food packaging company, plans to invest $100 million in a factory in Nam Dinh province.
Sunrise Material CEO Song Jian Xin revealed the plan at a Friday meeting with Pham Gia Tuc, chief of Nam Dinh's Party Committee. He said the eco-friendly project, which will use advanced technology, can begin production after 15 months of construction and achieve annual export revenues of around $500 million.
The four-hectare factory aims to serve the U.S. market mainly, but its products, meeting U.S. and Canada standards, will reach over 60 nations in Asia, North America, South America, the U.S., Europe and Oceania, Song said.
Song Jian Xin (left), Sunrise Material CEO, and Pham Gia Tuc (right), chief of Nam Dinh province's Party Committee, at a meeting in the northern province on June 23, 2023. Photo courtesy of Nam Dinh Television.
Welcoming the investment plan, Tuc highlighted Nam Dinh’s strengths, including good connectivity between industrial parks and airports and seaports, abundant high-quality workforce and stable power supply to industrial parks.
He also mentioned other advantages such as Vietnam’s membership in various free trade agreements, tax incentives, and local authorities’ support with administrative procedures.
Registered foreign direct investment (FDI) capital in Vietnam declined 7.3% year-on-year to nearly $10.86 billion in the first five months of the year, while disbursed capital dropped 0.8% to $7.56 billion, according to the Foreign Investment Agency (FIA). Nam Dinh’s registered FDI in the five-month period was $143.17 million, the 24th highest in the country.
Taiwanese houseware manufacturer JiaWei plans to invest $100 million in three projects in Nam Dinh, an executive told the northern province's authorities at a meeting in early June. 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.
In May, Nam Dinh granted an investment certificate for Apple supplier Quanta Computer to build a $120 million factory, the giant's first in Vietnam and its ninth worldwide. The plant, located in My Thuan Industrial Park, 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.
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