South Korean electronics factory adds $45 million investment in northern province

South Korean-invested Solum Electronics Vietnam received an amended investment certificate from Vinh Phuc province Tuesday to expand its investment from $110 million to $155 million.

This was the fifth amendment to the firm's investment certificate as it continuously enlarged its investment.

Following the expansion, the factory will manufacture 360.96 million electronic components and telecom products per year, earning an expected post-tax profit of $10 million a year on monthly revenues of $55 million.

Solum Electronics Vietnam, invested by in South Korean firm Solum Co. Ltd., began its Vinh Phuc operations in 2016, supplying electronic components for tech giants like Samsung, Oppo, Panasonic and Sony.

South Korea is the biggest provider of FDI to Vinh Phuc with 230 projects and a total registered capital of $2.6 billion, or 52% of the province's total number of FDI projects and 35% of the FDI capital, authorities said.

Many South Korean businesses have expanded their investments in the northern province. The Jahwa Vina Co., Ltd, an electronic components supplier to Samsung and LG in Vietnam, raised its registered capital from $10 million in 2010 to $80 million this year.

Vina Korea Co., Ltd, an apparel maker, scaled up its production from 10 lines in 2001 to 50, taking its capacity to 22 million products a year.